What Does Mobile Banking Mean For Retail Customers In India

by como ·

Mobile banking is a new and exciting way to bank for the customers in India. It not only has the multiple banking operations but also has quite a few support functions. Yet, it hasnt reached across India, as anticipated -RBI suggested. However, the growth in mobile banking in India is extremely encouraging. Here are few facts that will surprise you.

There is more than 7% month-on-month growth in the number of mobile transactions in India. This is based on the monthly transactions by August 2013.
By September 2013, the users have exchanged around Rs. 1565 Cr though the mobile transactions.

Though, the year-on-year growth is phenomenal, it cannot be considered well received when only a small fraction of the Indian banking customers are using it. When you realize the number of functionalities available, it is surprising that more numbers of people are not using it. The banking and allied functionalists available via mobile banking application are:
Locate the nearest branch of the bank via Google maps
Order a new cheque book
Check the status of new cheque book
Transfer funds
Check the balance available in the account
Take the mini-statement of the account
Pay utilities bills, credit card bills, insurance premiums, etc.
Make donations
Top up mobile recharge
The demat account services such as purchasing mutual funds, cancelling transactions, check NAVs, etc.

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