The government has told banks to link all savings accounts with mobile and Aadhaar numbers by 31 March. An official statement said this is to enable mobile banking for bank customers. Mobile number seeding and enabling the same for m-banking are a pre-requisite for making mobile payments while Aadhaar number seeding is a pre-requisite for using Aadhaar Enabled Payments System (AEPS). Per initial estimates around 65% saving accounts are seeded with mobile numbers and only 50% with Aadhaar. And of these accounts, just 20% are able to do mobile banking. The banks are expected to start this work immediately.
