Monday, 1 June 2015

Receive and Send money instantly via mCASH From State Bank of India

SBI (State Bank Of India) is the largest Bank in India as well as in the world. The State Bank of India recently launched mcash which is a simple and quick way to claim funds sent by SBI customers through Internet banking or State Bank Anywhere mobile application based on just mobile number or email id. Now, SBI customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient banks with SBI or not. A nominal charge of Rs 2.50 per transaction has been made applicable for each transaction.

State Bank of India launches State Bank mCASH

Photo caption: Smt. Arundhati Bhattacharya, Chairman, SBI and top management of
the Bank at the launch ceremony of State Bank mCASH.
Photo caption: Smt. Arundhati Bhattacharya, Chairman, SBI and top management of the Bank at the launch ceremony of State Bank mCASH.
  1. Steps to use mcash To Transfer money 
  2. Sing into onlinesbi or state bank anywhere 
  3. Go to statebank mCash Link Enter Beneficiary Mbile Number or E mail Id and amount 
  4. Sender needs to know recipient's mobile no or email ID. 
Top receive money 

The recipient will receive a link in the SMS or email based on the medium chosen by the sender. 

An 8 digit passcode will be provided in the communication which is required to be used on the State Bank mCASH link available on pre-login of Online SBI or State Bank mCASH mobile App (Android Platform) to claim the funds. 

Beneficiary is required to enter 
  1. Account Number, 
  2. IFS Code, 
  3. Passcode, 
  4. Mobile number or Email address. 

After entering require details funds are transferred "Real time" via fund transfer functionality or IMPS facility for interbank transfers.

Official press release from State Bank of India on mCash 

Mumbai, June 1, 2015: Smt. Arundhati Bhattacharya, Chairman, SBI launched State Bank mCASH. Now, SBI customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient banks with SBI or not. Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID. Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visit www.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money. Yet again emphasizing that SBI is the Banker to Digital India. 

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