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State Bank of India won three IDRBT Banking Technology Excellence Awards 2013 for “Electronic Payment Systems”, “Best use of technology for Financial Inclusion”, and “Customer Management & Business Intelligence” in the large bank category, at a function held at IDRBT, Hyderabad, on 2nd August 2013. The awards were received by the Chairman of the Bank Pratip Choudhury, from the governor of RBI, Dr D. Subbarao. Anand Sinha, Dy. Governor of RBI, was also present in the function.
The Banking Technology Excellence awards were instituted by Institute for Development and Research in Banking Technology (IDRBT) in the year 2001, in order to recognize the best technological implementations and innovations by the various banks in the country. This was the 9th edition of these awards, which aims to accelerate the usage of state of the art technological solutions and infuse a spirit of healthy competition amongst various banks.
State Bank of India has been a pioneer in the industry when it comes to offering innovative electronic payment products and services. With the largest ATM network in the country the Bank also provides the largest bouquet of value added services through its ATMs. The Bank is also offering various unique products like State Bank Collect, Online Account Opening, E-TDR-STDR etc. through its Internet Banking channel. During the last financial year, the Bank launched “Mobicash Easy” its electronic wallet, and has also started the implementation of Cheque Truncation Scheme on a PAN India basis. As per the directives of the Govt. of India the Bank has also been participating in Direct Benefit Transfers, since the 1st of January, 2013.
State Bank of India has also deployed technology innovatively to provide financial services at affordable cost to the un-banked or underserved rural poor. The Bank deployed solutions like Kiosk Banking, SBI Tiny card, and Biometric enabled cell phone based banking to reach out to the underserved. The Bank adopted multi products approach for connecting Financial Inclusion (FI) customers to the financial services and as on March 2013 the Bank had opened over 16 million FI accounts. During the FY 12-13, over 380 lakh transactions amounting to Rs. 13033 Crore were put through the FI channels of the Bank.
The Bank has taken up initiatives in Customer Relationship Management and Business Intelligence and has been utilizing its data mining capabilities to a great extent in the areas of campaigning, risk management, alternate channels, marketing & cross-selling and venturing into newer businesses. Such initiatives has helped the Bank in addressing Data Quality issues, controlling risk & enabling fraud detection mechanism, introducing of new products and services , devising customer retention / acquisition strategies, increasing the use of alternate channels and also improving customer service & customer experience.
India Infoline Research Team / 15:28, Mar 13, 2015
Markets are now reinforcing the perception of an early interest rate hike by US Federal Reserve, with consensus calling for the hike taking place in June, when compared with the prior expectations of a hike in September.