Forget net banking, you can m-bank on the go

Ineternet banking has made lives enormously simpler for those who have access to the world wide web. But in terms of penetration, net banking is yet
to achieve the kind of usage that is witnessed by ATMs. The fact that it necessitates a computer means that it is not accessible to a large chunk of bank customers. This is the gap expected to be bridged by mobile banking — the latest channel opened up to bank customers. “Post RBI’s regulations on mobile banking issued in September last year, several banks had started working on launching their mobile banking services, and the hectic activity seen in this space in the last few days is the result of the culmination of these efforts,” says Ajay Adiseshann, managing director of PayMate, an m-commerce facilitator. Though services such as balance check, transaction enquiry and alerts were available with most banks even earlier, this has gained momentum now, as rolling out of full-fledged m-banking facilities is in full swing. Most banks allow their customers to avail of mobile banking even if they have not registered for Internet banking services. Banking on the move As per RBI guidelines, an individual can transfer funds — to another account with the same bank or other banks — through his/her mobile, subject to a cap of Rs 5,000 per day. For paying your bills/making purchases through your m-banking account, this limit would stand enhanced to Rs 10,000 per day. Furthermore, banks are allowed to set monthly limits for their customers. For instance, State Bank of India has placed a ceiling of Rs 30,000 in a month for these transactions. Within these restrictions, you can carry out almost all the transactions that you can do through net banking, including transferring funds, paying credit card and other utility bills, ordering cheque books and demand drafts and issuing stop payment instructions from your cell phone. In addition, you can recharge your mobile, pay life insurance premium, shop for products as well as services and buy movie, airline and train tickets through this channel. Getting started To avail of these services, you need to download the mobile banking application from your bank’s website on to your cell phone, and get registered for this facility. Generally, any Java-enabled cell phone model (cost starting at Rs 3,000) would be able to support this application. You would require a GPRS mobile Internet connection (which your cellular operator will make available on request) to transact through this channel. This facility is meant to be operator-agnostic, meaning, that it should be available across cellular operators. However, you would do well to check the list of telecom service providers through whom your bank is offering this service currently. Some banks also offer m-banking on the sms platform