Mobile Banking…Modern Banking in Indian Villages

March 17th, 2013| Uncategorized.

Mobile Banking…Modern Banking in Indian Villages

The trails are been made to have the financial transactions through cell phone in the rural areas. The Central IT department had given its approval for the release and action of this plan. It is through this plan; the financial transactions like savings, withdrawals, transfer of the money and so on are done by just switching the mobile phone. These services are available in the rural areas where there is no facility for the banking sector. The details of this plan are as follows:

Bank Representative as mediator

To have the cell phone transaction first open the bank account and at that time the mobile pin number is given by the bank. Through this for each transaction that is to be done through the bank, the bank representative will be the mediator for the customers. There will be a small size ATM machine with the biometric technology at this representative. If the customer wish to draw the money from the bank, he has to send the cell and the pin number to the bank through the bank representative and after getting the approval message from the Bank, then the moneys is been drawn and given to the customer. It is not only the process for the withdrawals, but also for the savings and transfers. As this process is done through the biometric process, there is no chance for the misuse and thefts as said by the IT department.

There is no need to worry if the cell phone is lost.  All the transactions can be done as it by going to the bank. There are some limitations for the mobile banking. There is a limit in the withdrawal of the money where only Rs.5000 is per day and Rs.25,000 is per month. There are no limitations on other transactions. The members of the mobile banking are given some amount by the bank and pays Rs.1 for the provider, Rs.3 for the micro ATM representative and Rs.1 for the server provider by the bank. There are plans that some amount is to be collected from the customer to avail these charges and services.