Banking services through mobiles soon?

Encouraged by the surge in mobile phone users, banks are exploring the feasibility of using mobile phones for delivering services, the Rajya Sabha was informed on Tuesday.

"Banks have been exploring the feasibility of using mobile phones as an alternative channel for delivery of banking services. RBI has observed an increase in usage of mobile phones for banking transactions," minister of state for finance Namo Narain Meena told the upper House in a written reply.

The central bank has issued guidelines for mobile banking transactions in the country for encouraging financial inclusion and mobile-based payment transactions, he added.

Meena said the Reserve Bank of India has authorised 17 public sector banks as on June 30 to introduce mobile banking services, enabling customers to carry out fund transfer both intra and inter bank.

In addition, he said, the customers will be able to access their accounts for balance inquiry, ordering statements, cheque books, drafts and insurance premium payments through mobile banking.

But, cash pay in and pay out will be permissible only at authorised locations of banks, he added.