In the post-demonetisation scenario where people are still facing cash crunch, the State Bank of India (SBI) has roped in Bharat Sanchar Nigam Limited (BSNL) to provide banking services. SBI in association with BSNL has launched virtual wallet through an application called Mobicash. The mobile wallet already available in six States in the country was launched in the State.
S.M. Kalavathi, Chief General Manager, Chennai Telephones, launched the Mobicash application at a function held in the city on Thursday. Indu Shekar, General Manager (Network 1), SBI, was also present.
Mr. Shekar, addressing the media after the launch, said the virtual wallet software has been developed keeping in mind the migrant workers and those having basic phones for withdrawing and depositing cash at the retail networks of BSNL. The mobicash could also be used for wallet to wallet transfer, recharging of mobile phones and transferring cash.
Ms. Kalavathi said the BSNL would be providing technology support and training to the retailers for carrying out banking transactions through the Mobicash application.
The Mobicash application is available on smartphones having Android 2.3 and above and on Apple store.
