Mobile Banking in India

Mumbai: As Reserve Bank of India hiked the limit for mobile banking transactions to Rs.50,000 from Rs 5,000 in a day, more than 50 percent of bank account holders are likely to use this service in next five years, reports Business Standard.

In an interview to PTI, Ajay Adiseshann, Managing Director,PayMate said, "The recent hike in the limit of mobile banking transactions by the Reserve Bank will be a boost for the industry and will bring more than 50 per cent of Indian bank account holders under the ambit of this platform by 2015. The opportunity in mobile banking has become enormous and over 50 per cent of India's 20 crore bank account holders would become its beneficiaries."

India's mobile connections is expected to reach the 50-crore mark by 2010, which is 4-5 times higher than PC penetration. Adiseshann said, "For Internet banking, you need a PC with Internet connection. But for mobile banking, you just need a basic mobile connection with any phone service provider."

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