Indian banking experts advocate mobile banking. Take the example of the National Payments Corporation of India (NPCI), set up by the Reserve Bank of India (RBI), which launched the inter-bank mobile payment service (IMPS) for all merchants.
This means you can pay any kind of bill through your mobile, including that of the neighbourhood kirana store.
According to an RBI report 13 million individuals used mobile banking services in 2011-12. The report said about 50 banks saw 25.6 million mobile banking transactions, worth Rs. 1,820 crore, in the same period. The transactions had grown 200% in volume and 175% in value.
All banks have cashed in on this & have a mobile banking app in place. You can transfer up to Rs. 50,000 a day using the app. Smaller payments of up to Rs 5,000 can use the bank’s SMS facility.
SBI..!
India's largest lender SBI (State Bank of India) has an app that helps you book train tickets via the IRCTC (Indian Railway Catering and Tourism Corporation) portal. You need to get the one-time password (OTP) before you log into the portal through mobile banking. Given that booking last minute through IRCTC gets difficult, this platform can be useful. You will be charged Rs. 5 (over and above the tickets and IRCTC charges) if the ticket cost is up to Rs. 5,000, and Rs. 10 if over Rs 5,000. You can also book airline / bus / movie tickets, shop online and send / receive money to / in SBI accounts or others.
Features offered by other public sector banks like BOI (Bank of India) and UBI (Union Bank of India) are similar. There are extra benefits, like mini-statement generation, mobile recharge & utility bill payment. The latter is a feature that can be of great help as people don’t find time to go to the state electricity board’s office and stand in a queue for hours to pay the bill.
ICICI Bank..!
India's largest private bank, ICICI Bank, has gone a step ahead, allowing you to open new savings bank account, FD (fixed deposit), RD (recurring deposit) and demat account through the mobile banking app.
Also, you can apply for housing loan, car loan and view loan account details. More, you can recharge the direct-to-home (DTH) connection along with the mobile's.
HDFC Bank..!
HDFC Bank’s mobile banking facility through ngpay helps search for shows and seats too. For travel tickets, the bank has a tie-up with IRCTC, Kingfisher Airline, MakeMyTrip, Yatra, redBus, Ticketvala and Savaari.
The bank’s HDFC Bank Visa Debit Card on mChek is a card issued on your mobile through which you can pay for mobile, utility bills, book movie and air tickets, and shop. You need not carry a debit card or share card details with merchants or portals.
Bank Name: State Bank of India
Mobile Banking App: State Bank FreedoM
Features:
Book train tickets via IRCTC portal
Book airline/bus/movie tickets and shop online
Send and receive money
Bank Name: Bank of India
Mobile Banking App: StarConnect Mobile Banking Services
Features:
Access all your accounts with the bank
Get banking transaction details, view account balance, make third-party fund transfers, utility bill payments, and book tickets
Bank Name: ICICI Bank
Mobile Banking App:iMobile
Features:
Transfer funds, make balance enquiry, see last five transactions, open fixed deposit / recurring deposit accounts, make cheque book request, stop cheque request, cheque status enquiry, view credit card balance, demat account and loan account details
Recharge prepaid mobile and DTH, book movie, bus and air tickets, shop, make bill payment
Locate bank branch or ATM, apply for new account, home and car loans
Bank Name: HDFC Bank
Mobile Banking App: ngpay
Features:
Fund transfer facility
Book movie tickets, search shows and select seats
Plan your journey via IRCTC, Kingfisher Airlines, Make-My-Trip, Yatra, redBus, Ticketvala and Savaari.
Send gifts, flowers, books via Ferns N Petals, Gifts 360, Landmark, Archies, FutureBazaar and Asian Sky Shop.
Bank Name: Axis Bank
Mobile Banking App: Axis Mobile
Features:
Balance enquiry nMini statement n Service requests n Cheque book request
Fund transfer to Axis Bank and other accounts nBill payments
Bank Name: Bank of Baroda
Mobile Banking App: Baroda M-Connect
Features:
Balance enquiry , Mini statements
Fund transfers within the bank and outside
Mobile recharge
Airline and movie ticket booking
Bank Name: Standard Chartered Bank
Mobile Banking App: Breeze Mobile
Features:
Settle payments
Shopping, recharging mobile phone, booking movie and airline tickets
Transfer money
Reminders help you track regular payments and future income and expenses
Username and password for Breeze is same as that of online banking
Bank Name: Union Bank of India
Mobile Banking App: UMobile
Features:
Book air and movie tickets
Balance enquiry, generate mini statements
Fund transfers both within the bank and to other banks nMobile recharge
Mobile banking solutions company, Monitise, a joint venture of LSE - listed Movida & Visa, signed an agreement with HDFC Bank this year to introduce a mobile payment service. It will go live next month. It is also aimed at basic phone users.
Standard Chartered Bank’s mobile banking app, Breeze Mobile, helps you by issuing reminders on payments, future income & expenses. It also relieves you from the headache of remembering a new username and password, as those are the same as that of online banking.
To register for mobile banking, GPRS - activated phones need to download the app to the handset from the browser application of the bank, and key in the username and password to start transacting.
It can also be downloaded through the PC, and transferred to the mobile via bluetooth or / data cable. Those using low end handsets can initiate transactions through text messages. Those using Android phones need to download apps from Google Play (or the android market). iPhone users can download those from the Apple App Store.
Src: BS
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