MUMBAI, February 4: The State Bank of India will launch its cash managment product, SBI FAST (Funds Available in Shortest Time), on February 10. To begin with, the product, which was almost planned a year back, will be launched by the corporate account's (CAG) group in Mumbai, Delhi, Chennai and Calcutta. Gradually, it will be introduced at all SBI branches.SBI is expected to generate an annual transaction over Rs 30,000 through this fee-based activity. The service will facilitate collection of clearing instruments within a maximum period of two days as against 10 to 15 days in the past. The bank expects fee-based activities to account for 20-25 per cent of its income. SBI FAST which is transacted through transmission of data through satellite/terrestrial link, will meet corporate demand for an efficient info and funds flow system through a nationwide network.
Initially, the product will cover 100 locations including non-metro and remote areas. It provides speedy processing and early credit-even fromremote centres.
Apart from pooling funds at four metros, it also makes provision for detailed MIS reports from the across the country.
"SBI FAST is a part of our ongoing drive to enhance customer satisfaction through innovation, responsiveness and efficiency," said the officials.
CAG is an exclusive outfit for top corporates practising relationship banking under the single window mechanism. The total advances at CAG branches constituted about 18 per cent of the bank's total commercial and institutional advances last year. The branches contain a set of relationship managers whose responsbility is to provide tailored service to major accounts.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
