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As India embraces the digital age, people are increasingly becoming reluctant to waste time in basic banking operations such as making cash deposits or withdrawals, and both public and private sector banks have recognised this change. Over the years, these institutions have evolved their operations to make their procedures easy for customers as well as to lower the workload of their employees. A factor that can attest to the success of such efforts is the drastic increase in the number of digital transactions. More and more people are now undertaking transactions through mobile banking, net banking, and private payment gateways. Additionally, demonetisation has also played a positive role in increased digital banking operations.
Among others, the country’s largest bank, SBI, has also entered the mobile banking sector with its SBI Freedom app.