The New Way of Banking: India's Mobile Banking Initiatives

Abstract:     
Mobile phones for doing banking activities are explored as a new channel in India. The rapid growth of the mobile users i.e.400 Million mobile subscriber mark (Source: TRAI, June 2009) and strong mobile network infrastructure made this channel an important platform for extending banking services. Banks have now started exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. Few banks have started offering information based services like balance enquiry, transaction enquiry, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or another bank in favour of pre-registered beneficiaries have also started by few banks.

Number of Pages in PDF File: 14

Keywords: Mobile banking in India

JEL Classification: E44

working papers series