eGov-March-2009-[35-36]-e-Banks The New Mantra-R P Sinha

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Interview

www.sbi.co.in

e-Banks: The new Mantra What does e-Governance mean to you? e-Governance is the use of IT to improve the ability of government to address the needs of the society. It includes the publishing of policies and programmes related to information to transact with citizens. It goes beyond provision of online services and covers the uses of IT for strategic planning and reaching development goals of the government to the citizens. It is a prime concern of the government today that the revenue deposited at various branches of banks throughout the country are collected expeditiously and every rupee to be spent on social sector plan schemes reaches the intended beneficiaries directly and promptly. It is, therefore, imperative that the Indian Banking Sector through its network of over 74,000 branches provides efficient and swift Cash Management System and Payment mechanisms to ensure timely availability of the funds to the ultimate beneficiaries.

R P Sinha Deputy Managing Director (IT), State Bank of India

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Indian Banking Sector through its network of over 74,000 branches provides efficient and swift Cash Management System and Payment mechanisms ensures timely availability of the funds to the ultimate beneficiaries�

ov

March 2009

What is the basic mantra of Indian economic development process? Growth with equity is the basic mantra of Indian economic development process. Inclusive growth can be achieved if relatively low income group people in the society can have easy and affordable access to financial products and services. Banks can help bridge this divide by taking technology beyond urban centres to remote areas that are still unbanked and underserviced, by serving as a channel for credit delivery and innovative products to the poor and underprivileged sections of society. With an efficient deployment of technology, banks can step in and provide access to banking facilities viz. opening of no-frill account, money transfer services, payment of bills, etc. They can also provide payment solutions to conduct e-Payments with government Departments using Smart Cards/Credit Cards. In this area, Financial Information Network and Operations Ltd. (FINO) is also rendering laudable service to the rural poor. How has been SBI’s journey so far? State Bank Group today has a network of more than 16,000 branches and more than 10,000 ATMs spread all over the country - and all these touchpoints are interconnected and are all on core banking platform. State Bank of 35


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