State Bank of India (SBI), the country's largest public sector lender, has announced the launch of a mobile wallet service called MobiCash Easy, which offers facilities like fund transfer, bill payment, DTH recharge, balance inquiry and mobile top-ups.

State Bank MobiCash Easy, which is currently available only in Mumbai and Delhi, can be had over Wallet Application and plain text SMS. The public sector lender has launched the new service in partnership with a private service provider Oxigen to offer 24x7 money transfer and other services.

RK Saraf, Deputy Managing Director of SBI's Corporate Strategy & New Businesses, said that MobiCash Easy would contribute considerably in increasing mobile payments that are currently in a budding stage.

Speaking on the topic, Saraf added, "State Bank MobiCash Easy will contribute significantly in increasing mobile payments which are at present in a nascent stage."

The SBI claims that the user will be able to top up his/her mobile wallet by depositing cash at any Oxigen retail store and that the new facility is absolutely safe.

What is more striking is that a person needs not to be a customer of SBI for using the service.

Till March, nothing will be charged for topping up the wallet, and for remittances the customer requires to pay from Rs 5 to Rs 20. The service allows remittance of up to Rs 5,000 at a time. However, customers with KYC can avail higher limits.