The State Bank of India has unveiled a new mobile banking service, "
State Bank freedoM", which enables customers to move funds, check balances, make bill payments all by way of their mobile phones without having to visit for registration for the service. This is a free service offered by the bank. Customers will have to bear the charges imposed by the telecom operators however.
This service also allows users to conduct m-commerce transactions. The bank has linked up with Paymate for the payment for goods/services over the Internet.
The bank also has plans to set up a Mobile Wallet which will allow it to take the mobile banking to non customers.
