The National Payments Corporation of India (NPCI) has revealed that only 67 million cell phones are currently linked to bank accounts out of more than 900 million mobile phones and over 450 million bank accounts.
NPC managing director and CEO, Abhay Hota, was quoted by media sources as saying that only 90% or around 400 million users, out of 500 and 600 million active mobile users in the country, have bank accounts while the total number of connections is around 900 million.
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The latest finding by NPCI, which is the nodal agency under the Reserve that manages the national payment switch, brings to attention about the yet to complete agenda of mobile banking in the country.
Hota added that even though the Reserve Bank of India (RBI) has mandated SMS alerts for every transaction, mobile-based payment systems will grow only when better services are offered to each and every existing customer.
"Unless operators offer local language options, mobile banking will not take off. We cannot expect any inclusion without having systems in local languages," Hota said.
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