State Bank launches six digital branches, plans 50 more in one year.

State Bank of India (SBI), the country's largest lender, has launched six digital branches across the country. These new digital stores - sbiINTOUCH - will enable consumers to do their basic banking activities and can be used to open accounts, apply for loans, etc.

These branches will enable customers to carry on banking transactions via the digital medium - such as interactive walls and table displays - without much of human interaction. However, at the moment the branches will not be un-manned and will have employees to help customers in case the need arises.

In order to stay relevant to young consumers, SBI has decided to go digital in a big way in the coming days. 'Today, more than half of India's population is under the age of 25. By 2020, India's average age will be just 29 years - this is a digital demographic that expects businesses to provide solutions immediately. At the same time, the mass-affluent - no matter what their age - have similar expectations,' said Arundhati Bhattacharya, Chairperson, SBI.

BS