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SBI launches new card less payment system through phone number in the IMT platform

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State Bank ATMs are launched with a new payment system, which will allow the account holders to transfer money using mobile phone number as a key identifier and this system is based on the instant money transfer (IMT) platform.

Card-less money transfer:-

The facility will enable a payment of up to Rs 10,000 from any SBI bank account and the sbi-1recipient of this paymentcan withdraw funds instantly from an IMT-enabled ATM without using a debit card.

This system also offers a new form of convenience payment to the emerging younger generation as SBI seeks to address them through new options.

From now on SBI Group will be able to offer a unique payment option to the customers and expand its reach to those sections of the population who are either unbanked or do not have access to banking.

About IMT:-

The Instant Money Transfer is a unique payment system launched by Eempays Payment Systems. The facility enables a payment to be made to a mobile phone from a bank account without the beneficiary having a bank account.

About SBI:-

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. As of 2014-15, it had assets of INR 20,480 billion and spread across the world with more than 14,000 branches, including 191 foreign offices spread across 36 countries, making it the largest banking and financial services company in India.

The company is ranked 232nd on the Fortune Global 500 list of the world’s biggest corporations as of 2016. State Bank of India is a banking colossus and has 20% market share in deposits and loans among Indian commercial banks.

SBI has six associate banks, which are planned to be merged with the parent organization which is to be expected soon. They are as follows:-

  • State Bank of Patiala(founded 1917)
  • State Bank of Mysore(founded 1913)
  • State Bank of Bikaner & Jaipur(founded 1963)
  • State Bank of Hyderabad(founded 1941)
  • State Bank of Travancore(founded 1945)
  • Bharatiya Mahila Bank(founded 2013)