The Reserve Bank of India has emphasised that the low usage of mobile banking applications in the country is mainly due to the lack of collaboration and revenue sharing models between banks and mobile operators.
According to the RBI’s half-yearly financial stability report, the growth and acceptance of mobile banking as a channel of accessing banking service has been "below expectation."
Go deeper with GlobalData
Mobile banking channel is considered to be a key tool for achieving financial inclusion in India, RBI said in the report.
The other major factor for slow growth of mobile banking services is the inability of banks in the country to seed the mobile number with the account number and handset incompatibility.
Currently, 78 banks have been granted permission to provide mobile banking services in India by the RBI.
Furthermore, RBI has set up a Technical Committee on mobile banking to examine the feasibility of introducing encrypted SMS-based funds transfers across all mobile handsets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
