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In its efforts to create additional delivery channels to customers, Karnataka Bank recently launched a new service — ‘KBL Mobile.’
Mobile banking transactions are those where customers undertake banking transactions by using pre-registered mobile phones with the bank.
According to P. Jayarama Bhat, Managing Director of the bank, safety and convenience are the highlight of ‘KBL Mobile.’ In the mobile banking services, utmost importance is given to maximum convenience in usage to the customer. Adequate caution has been taken in protecting the customer’s interest in terms of safety and security, he said.
On the target for the number of customers under mobile banking, he said: “To begin with, our bank is proposing to have over one lakh customers subscribing for ‘KBL-Mobile’ services.”
Karnataka Bank wants to make use of mobile banking services as a financial inclusion platform by reaching out to large section of people across India, he said.
Mobile banking transactions are those where customers undertake banking transactions by using pre-registered mobile phones with the bank.
According to P. Jayarama Bhat, Managing Director of the bank, safety and convenience are the highlight of ‘KBL Mobile.’ In the mobile banking services, utmost importance is given to maximum convenience in usage to the customer. Adequate caution has been taken in protecting the customer’s interest in terms of safety and security, he said.
On the target for the number of customers under mobile banking, he said: “To begin with, our bank is proposing to have over one lakh customers subscribing for ‘KBL-Mobile’ services.”
Karnataka Bank wants to make use of mobile banking services as a financial inclusion platform by reaching out to large section of people across India, he said.
Transaction limits
At present, the total transaction amount limit is specified at Rs 50,000 a day within the bank and bank-to-bank (intra-bank and inter-bank). The bank has set the transaction limits based on risk perceptions and it is fixed at Rs 50,000 a day, inclusive of all transactions, in the high-end mobile sets enabled with GPRS/J2ME (encrypted end-to-end handsets).
However, for other mobile handsets, under SMS mobile banking (unencrypted format), the limit has been fixed at Rs 5,000/ day.
To activate the services, customers are required to register at their base branch and the facility will be rolled out across India.
On successful registration, ‘mobile banking user id’ and ‘mobile banking PIN (MPIN)’ will be delivered to the customers’ registered mobile number through SMS. The customer needs to activate the facility by using this ‘user id’ and ‘MPIN.’
The mobile banking services to the customer are inclusive of enquiry option, requests, fund transfer, Karnataka Bank ATM/branch locators, m-commerce transactions, payment of utility bills and feedbacks to the bank.
With the approximate mobile subscriber base of more than 900 million in India, mobile banking services is an opening to enable the country achieve inclusive growth. It enables customers access money any time, anywhere, he added.
However, for other mobile handsets, under SMS mobile banking (unencrypted format), the limit has been fixed at Rs 5,000/ day.
To activate the services, customers are required to register at their base branch and the facility will be rolled out across India.
On successful registration, ‘mobile banking user id’ and ‘mobile banking PIN (MPIN)’ will be delivered to the customers’ registered mobile number through SMS. The customer needs to activate the facility by using this ‘user id’ and ‘MPIN.’
The mobile banking services to the customer are inclusive of enquiry option, requests, fund transfer, Karnataka Bank ATM/branch locators, m-commerce transactions, payment of utility bills and feedbacks to the bank.
With the approximate mobile subscriber base of more than 900 million in India, mobile banking services is an opening to enable the country achieve inclusive growth. It enables customers access money any time, anywhere, he added.
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