State Bank of India
(SBI) has rolled out a mobile banking project in New Delhi and
Mumbai dubbed ‘Mobicash’ to target the unbanked segment of the

Mobicash will offer
customers the option to load cash onto their mobile phone handset
in a joint venture with service provider, Oxygen.

A one-off fee of INR60
($1.20) will be charged to customers registering to use the service
with Mobicash requiring a minimum opening deposit of

If the pilot programme
goes to plan, SBI will extend the Mobicash service to other major
Indian cities.

SBI currently has around
3.4m customers using its existing mobile banking