RBI wants to promote mobile banking

Reported by: |Updated: December 5, 2014

Reserve Bank of India has asked banks to provide multiple options for customers for easy registration under mobile banking system. The central bank told the banks that the time taken between registration and activation of mobile banking services should be reduced to the minimum and felt there is need for more standardization in procedures for bringing customers, new and existing, on-board for mobile banking. It said the account opening form should clearly indicate the option for mobile banking. It should also be clearly indicated that alerts (if sent through SMS) will be sent to this registered number. Generally, banks offer mobile banking services through SMS and application-based solutions. Lack of awareness and non-standardization of procedures has led to a slow pick-up in mobile banking services, despite high mobile tele-density in the country.