SBI gets tech savvy, Sunil Mittal bets on mobile banking

India's largest bank, State Bank of India, has something new to boast about. It has completed integrating over 17,700 branches across the country. Experts are quick to point out that such technological upgradation is the future of Indian banking, reports CNBC-TV18's Swati Khandelwal.

TCS has just completed one of the world's largest integration projects and catapulted State Bank of India into a stronger position in the banking industry. The project brings SBI's 267 million customers on to one platform. This has Sunil Bharti Mittal, Head of India's telecom giant Airtel, waxing eloquent on how the next technological step for banking is fixed in the telecom world.

"Where banks can't go, mobile goes. It can be used to transfer money or use bank services through phones. India is a knowledge powerhouse. Technology is the only way forward. 3G, 4G, WiMax is what we need to switch to," the Chairman of Bharati Enterprises stated.

He was not alone. Other captains of India Inc also pitched in with their vision of how technology can propel India to the next level not just in terms of banking and financial inclusion, but in terms of overall growth.

Mukesh Ambani, Chairman, Reliance Industries, says, "India will be in the top five world economies in the coming decades." Jeffrey Sachs, Director - The Earth Institute, Columbia University, says, "Extreme poverty will be eliminated by 2020-25. Increase the technology reach in education and healthcare in India, and the country will be a leader in the global arena across segments."

Even the Finance Minister chipped in, urging industry to use technology for better governance. Finance Minister Pranab Mukherjee says the role of financial inclusion can not be achieved without technology.

These visions may take a while to take physical shape, but in the meantime, SBI's latest triumph gives it the capability to conduct transactions worth USD 9 billion dollars a month, just through internet banking.