The Reserve Bank of India is planning to expand mobile banking business in the country, following the recent findings that revealed slow uptake of mobile banking applications by the Indians.
Out of the total 870 million mobile subscribers and 450 million bank account holders in India, only 22 million are active mobile banking customers.
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According to the Reserve Bank of India, the low number of mobile banking customers is mainly due to lack of collaboration and revenue sharing models between banks and telecom companies.
The Reserve Bank of India’s technical committee stressed on coming up with new solutions such as creating awareness programmes, making the mobile registration and authentication process simpler for customers, and adopting a common application platform across all banks to boost the sector.
The India’s apex banking authority said Indians must not be forced to visit branches to register for mobile services, instead, they should be able to use other channels such as ATMs, and agent networks through biometric authentication.
The Reserve Bank of India governor Raghuram Rajan urged the banking and ICT industries to work together to build a technology-enabled financial sector that can reach every nook and cranny of India.
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By GlobalData
