Both entities have firmed up plans to roll out the project across Mumbai and Punjab within two months, said an official release here. Customers can open simple no frills savings accounts that can be operated with Zero Minimum Balance.

Eko has launched the project on pilot basis with SBI at Uttam Nagar in Delhi in February this year and thereafter it was taken to four districts of Bihar where it has evoked enthusiastic response.  Typically, a customer’s mobile phone number forms the account number and they are given simple to use PINs.

Eko is based on the fundamental premise of giving everyone, in particular the ‘unbanked’ a bank account. It will train and appoint Kirana-Medical-Fair price shops as Business Correspondent who will act like bank extension counters.

This means that customers can avail of banking services including opening of account, remittances, deposits and withdrawals at a SBI Eko Counter in their neighbourhood by simply using a mobile phone.