State Bank of India tops mobile banking chart

The country’s largest lender, State Bank of India (SBI), has emerged as the leader in mobile banking with 50 per cent market share in this segment.

“SBI, with 11.5 million registered mobile banking customers, has become the indisputable market leader in this segment and way ahead of the nearest competitor in the market with 50 per cent market share,” the bank said.

The bank attributed the numbers to Reserve Bank of India (RBI) data.

Currently, the bank's user base for mobile banking is around 4.5 per cent of total retail customer base.

It expects rapid growth in the user base reaching around 10-12 per cent of the total retail customer base over the next two years and around 30-35 per cent of the total retail customer base over the next five years.

“The country has just witnessed the launch of message- banking. We are confident that once this is understood by people, there will be an explosion of banking activities in the mobile space. This is what the future of banking holds,” SBI Chairman Arundhati Bhattacharya said, adding mobile banking will also play a large part in the yet-to-be-launched payment banks.