Thursday , August 17 2017

SBI adopts a village to make it cashless

SBI

Mumbai: India’s largest bank State Bank of India BSE -0.20 % has marched on the gas towards a cashless economy as the banking behemoth has adopted a village in Maharashtra where it will drive all residents to transact digitally.

Shirki, a village in Pen Taluka in Maharashtra is now the epicenter for SBI, which will promote Aadhaar number-based merchant payments in the light of demonetization, the government’s pet scheme to clear out the evil of black money.

Under this enterprise, the bank volunteers have been gathering the families in the village and have permitted them to open bank accounts and seed their Aadhaar numbers, which is the only pre-requisite for enabling the entire village to become cash-less, the bank stated in a statement issued on Saturday.

“In 30-days’ time, the entire village will turn cashless,” SBI deputy managing director and CIO Mrutyunjay Mahapatra told Source.

“We have primarily identified all major opinion leaders including local merchants to run the project. Villagers are moderately receptive to transact cashless while buying daily items,” he stated.

SBI has selected almost everybody from a prominent grocer to medicine seller or rice mill owner as they help make the trial project successful with their customers paying digitally.

The merchants in this village have been providing with simple android phones with a USB based fingerprint capture device.

The only precondition is that the merchant requirements to have a bank account, with an Aadhaar number broadcasted.

The merchant downloads the Aadhaar Pay App and registers with his/her bank using the mobile App in 2 simple steps. The consumer only needs to have a bank account with their Aadhaar number seeded.

The interesting aspect of this solution is that the consumer is not expected to have a mobile phone, SBI said.

“The Consumer pays the merchant by selecting the bank name (in the App) where he/she has an account and providing the fingerprint in the biometric device attached to the mobile phone.”

The transaction is completed suddenly; the consumer’s account is debited by the value of the goods or service purchased and the merchant’s bank account is appropriately credited.

IT major TCS is SBI’s partner assisting the adoption seamless.

“We are testing the ecosystem readiness (interest or mobile connectivity) for taking another 3 villages in due time,” Mahapatra stated.

A few weeks ago, the bank made an SBI housing colony at Nerul in Navi Mumbai with over 1000 families a cash-less colony.

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