State Bank of India & Public sector banks – Payment Bank like features to compete

1.RBI gave payment licenses since big banks were concentrating only on traditional money transfer.

2.SBI and banks of PSB groups should use the mobile number associated with A/C to become payment banks
 
3.Recharge of Mobile/DTH/electricity bill/gas/grocery vendor/supermarket/shops by SMS from mobile to the bank number or toll free IVR by easy to use methods to recharge, without logging to any website or mobile app and reducing dependency on internet. 
 
4.Daily expenses on transportation like autos, govt buses, metros needs to be included in these methods to easily transfer to auto driver and MTC buses to avoid change/financial inclusion problem
5.Payments for groceries purchase without debit card swipe. Having a centralised toll free and SMS sending number by customer when he enters a shop the centralised number can be used to transfer money to the shop owner. The customer after entering the shop can call a IVR and enter the shop owner code and the amount to transfer and immediately the shop owner can check if transfer happened to any bank account. The money from the A/C of the mobile no will be transferred.
6.Your team must sit and think/brainstorm how to do the above 3 ideas are going to be done by payment banks. SBI after setting up this system can share with other public sector banks also and earn revenue from service provided to them and PSB’s compete as a whole unit against private payment banks together with single system. Either all PSB can setup a corpus to compete together the new payment banks as these ideas if implemented will bring heavy revenue and public support and help rural pick up in market. Govt should not be asked for funds.
7.SBI can keep some amount in wallet and some can be auto transferred to account automatically after some time.
8.Raising Fixed Deposit rate to promote FD and saying it as a better and safe opportunity compared to equity on returns with comparison chart. FD are major source of revenue for banks but keeping interest rates and tax high demotivated many. So raise interest rates soon. 15G and 15H are sources of income tax violations please correct it by working with income tax to avoid complications in future.