SBI Current Affairs - 2019

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SBI inks MoU with IIT Bombay to promote startups in financial sector

The State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE) at IIT Bombay to promote innovation by start-ups in the financial sector.

The SINE is IIT Bombay’s technology business incubator to promote innovation by startups in the financial sector.

Under this agreement

  • SBI andboth the institutes will identify fintech (financial technology) start-ups that have products or applications to cater to the financial sector.
  • These products or applications will identified by SBI and institutes to explore opportunities to enhance the synergy for their banking services
  • SBI will provide a platform for testing or piloting such products and applications and maybe also check for any specific business linkages.
  • SBI will also interact with the entrepreneurial and research community of SINE to understand latest innovations and conduct knowledge sessions for mutual benefit to arrive.

SBI launches SBI Mingle, a social media banking platform

India’s largest lender State Bank of India (SBI) recently had launched SBI Mingle, a social media banking platform for Facebook and Twitter users.

It was launched by SBI Chairman Arundhati Bhattacharya, on the occasion of 61st State Bank Day (observed on 1st July).

Key Facts

  • The SBI Mingle will allow SBI’s customers to access various banking services via these social platforms.
  • To avail services from this platform, customers will have to register for it through a simple one time registration process using either their social account number or their ATM/Debit Card details.
  • Currently, SBI services such as balance enquiry, mini statement, funds transfer within SBI as well as inter-bank and beneficiary management services are available for Facebook.
  • On Twitter, customers using hashtags can find out their account balance and view mini statements.

Besides launching SBI Mingle platform SBI Chairman Arundhati Bhattacharya also launched two new digital offerings. They are

  • SBI-Flipkart Partnership: SBI has partnered with home-grown ecommerce giant Flipkart to offer its consumers the facility of pre-approved EMI Facility on purchases.
  • Under this partnership SBI will provide overdraft facility to its pre-qualified set of customers for transacting on Flipkart for a minimum purchase of 5000 Rupees.
  • SBI Digital Villages: This initiative aims to transform villages into cash less eco-system by adopting them.
  • In its first stage of the initiative, SBI has adopted 21 villages to be moved on the digital platform. It plans to bring 100 villages under this initiative across the country by 2017.