SME Times is powered by   
Search News
Just in:   • First YouTube space facility in Middle East region opens in Dubai  • Now, Punjab to recruit MBBS doctors on full pay scale  • Online search for farm-related jobs fell in 2017  • Twitter likely to ban cryptocurrency ads  • US may exempt our steel from tariffs: S. Korea 
Last updated: 04 Mar, 2017  

bank-THMB.jpg All banks must enable mobile banking by March 31: Govt

   Top Stories
» Silk sector witnessing steady growth: Minister
» Draft agriculture export policy up in public domain
» WTO ministerial meeting begins Monday
» NITI Aayog releases SATH-Education roadmaps
» Festival of Innovation and Entrepreneurship (FINE) Monday
SME Times News Bureau | 04 Mar, 2017
In a move to promote digital transactions post-demonetisation, the government on Friday said it has asked banks to provide mobile banking facility to all customers by the end of the current fiscal on March 31.

"Ministry issues advisory to banks to enable mobile seeding, Aadhaar seeding of bank accounts along with enablement of Mobile Banking for all its savings bank customers on a campaign mode by March 31, 2017," an Electronics and IT Ministry (MeitY) statement here said.

"As per an estimate, currently only 65 per cent saving accounts are seeded with mobile numbers and only 50 per cent are seeded with Aadhaar numbers. Out of the 65 per cent accounts already seeded with mobile numbers, only 20 per cent are enabled for mobile banking," it said.

To make the process of 100 per cent seeding of bank accounts convenient to customers, the ministry "has advised the banks to explore 'Over the Air' customer consent instead of requiring customers to visit the bank branch or ATM as is required currently," the statement added.

Declaring that the process of enabling the bank accounts for mobile and Aadhaar-based banking is "completely voluntary", the statement said: "However, given the benefits of these banking channels, a large number of customers are expected to opt for it."

Speaking to reporters earlier this week, IT Secretary Aruna Sundarajan elaborated on the rationale behind the move following the recent demonetisation of high value currency and the government's campaign to encourage digital transactions.

"The reason is earlier mobile banking wasn't such a priority. And therefore, many customers may not have said they want mobile banking services. But today, they want it," she said

Sundarajan also said customers who are using the Unified Payments Interface (UPI) or Bharat Interface for Money (BHIM) payment app should be automatically enabled for mobile banking.

"We have said that any customer who accesses UPI or BHIM, should automatically be enabled for mobile banking because it means they want mobile banking. This is to ensure that whoever wants to do mobile banking but has not been enabled, should be enabled by March 31," she said.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 19 Mar, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(26)
» Another MSME portal: will it serve its purpose(5)
» Govt forms committee to study FinTech, financial inclusion of MSMEs(2)
» Collateral free loans available for MSMEs: Minister(2)
» Budget boost to MSMEs(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter