India witnessing new dawn of mobile banking

by Dave

Ina and mobile phoneImage via Wikipedia

The Economic Times
Opposite Suresh Photo Studio, adjacent to a temple, 38-year old Kamla sells roses, marigold and orchid garlands. Back home in Muzaffarpur, Bihar, Kamla’s mother now receives Rs 200 (about $5USD) every week on her mobile sent by Kamla.

India is witnessing a new dawn of banking with mobile phone. From a rickshaw puller, a florist, a pan shop vendor to a truck driver, cash transactions are going mobile for all and sundry. “Our target is to achieve 10 million mobile subscribers hooked onto mobile banking by end of this fiscal year,” says Bharti Airtel CEO Manoj Kohli.

Four banks, SBI, HDFC, ICICI and Corporation Bank, have partnered with India’s largest operator Bharti Airtel to offer m-banking. RCOM has tied up with ICICI Bank, HDFC Bank, Axis Bank and IDBI Bank. Bharti Airtel has launched its mobile banking late last month and plans to rope in about 100 major banks in India by end 2008.

“Over the coming months, customers will be available to open their bank accounts at authorized Airtel outlets just by submitting a photo ID proof. Subscribers can now deposit, withdraw, transfer, pay bills or remit money through their mobile phones,” Mr Kohli adds.