SME Times is powered by   
Search News
Just in:   • Corporate India cuts gifting budget by 35-40 pc this Diwali  • Sell-off in banking stocks drag equity indices lower  • Reformative measures like GST will improve economy: Naidu  • Maruti's Dzire achieves 'fastest 1-lakh sales' mark  • Goodricke Group acquires Godfrey Phillips' tea business 
Last updated: 04 Mar, 2017  

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

mobile
   Top Stories
» Corporate India cuts gifting budget by 35-40 pc this Diwali
» Reformative measures like GST will improve economy: Naidu
» North East Small Finance Bank commences operations: RBI
» Dhanteras witnesses good sale; No impact of note ban, GST
» PCs, gadgets shipment to exceed 2.35 bn in 2018
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 :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.95
64.30
UK Pound
87.75
84.85
Euro
77.85
75.20
Japanese Yen 58.75 56.80
As on 19 Oct, 2017
  Daily Poll
Small traders even below the threshold limit too should register under GST system?
 Yes
 No
 Can't Say
  Commented Stories
» Starting an import export business: Basic guide for beginners(20)
» Exposed: Banks behind unfairly high cost of credit(3)
» GST revamp: Relief to exporters, SMEs(3)
» 'GST relaxations advanced Diwali celebrations'(1)
» To grow business online SMEs must embrace technology, start with small: VP & MD, GoDaddy India(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter