RBI wants more banks to launch mobile banking

The Reserve Bank of India (RBI) wants more and more banks to launch services on mobile, its Deputy Governor Shyamala Gopinath said here today.

Launching Canara Bank's CanMobile, a mobile banking product, she said RBI has already enabled mobile banking and issued guidelines in this regard.

"...And we do hope that more and more banks now join in the launch of this product," she said.

According to Canara Bank's Chairman and Managing Director S Raman, the product is user-friendly, safe, secure and swift.

It facilitates customers to conduct transactions on 24X7 basis from anywhere with the use of mobile handset.

Registered customers of "CanMobile" can now access Canara Bank's services for balance enquiry, viewing of last five transactions, transfer funds intra-bank and inter-bank through Inter Bank Mobile Payment System (IMPS) provided by National Payments Corporation of India (NPCI).

At present, the bank does not levy any service charge for funds transfer.

Customers can daily transfer up to a limit of Rs 50,000 through Java/GPRS enabled mobiles and up to Rs 5,000 through non-Java/non-GPRS enabled mobiles by using Unstructured Supplementary Services Data (USSD)/SMS.

Mobile banking services work on both Java-based and non-Java based applications, bank officials said.

Source: Business Standard