State Bank of India is planning to launch SBI Digi Bank, which will be a branchless banking system. According to news reports the Digi Bank is structured on the lines of similar ventures by Citibank and DBS Bank and will offer a financial superstore, a market place and offer financial services on a digitized platform. This may happen in the next six months, these reports said. It will be a pure digital only bank and there will be no manual intervention at any stage. The bank will offer omni-channel omni-device banking services and will operate on apps, internet and mobile banking systems. Besides, it will function on Aadhaar based KYC, which makes it convenient for customers to carry out transactions based on fingerprint authentication. The Digi Bank will initially function in association with the InTouch branches of the bank as manual assistance cannot be eliminated totally in the beginning.
