As the number of phone subscribers is increasing, so is their inclination towards mobile banking. Now with the RBI granting permission for the transfer of funds across mobile-phone service providers, few banks will be introducing their mobile banking applications.
SBI, UBI and Bol, 3 public sector banks will very soon come up with mobile banking solutions. State Bank claims it’s in the final stage and will roll out M-Banking in late July. Bank of India and Union Bank of India will be unveiling their services by June end.
SBI is said to have partnered with many service providers. It has already partnered with Spanco Systems which is a technology service provider.
RBI has some guidelines to be followed while mobile banking. Some of them are that the customer with any mobile network should be in a position to request the service. It enable fund transfers from account in one bank to some other account which is in the same or any other bank on a real time basis irrespective of the mobile network.
This new M-banking will make life simpler and eliminate your need to visit the banks. Thus saves time.