Mobile Banking from July in Rural Areas in India

Banks have been advised by the Government to start mobile banking services in rural areas by July 31,2010 and complete the roll by the end of next year. People will be able to withdraw cash and transfer funds using their mobile phones in rural areas.

After the implementation of the scheme, people in far flung areas would be able to operate no-frills mobile-linked account to withdraw cash, deposit money, balance enquiry, transfer of money from one to another. This will also facilitate transfer of funds of various government schemes like NREGS, to a mobile linked account.

A significant feature of the proposed framework is that funds remain within the banking system throughout and the intermediary does not have custody of the funds even momentarily.

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