From September, it may be possible to withdraw, deposit or transfer cash using mobile phones without opening a conventional bank account.
The government is giving final touches to a technology for delivering banking services through "mobile-linked no frills account."
"The rollout of the first accounts is likely by September. Banks will offer facilities for opening mobile-linked no frills account."
"The rollout of the first accounts is likely by September. Banks will offer facilities for opening mobile-linked no-frills account," said an official who attended the meeting earlier this month, which included the finance ministry, RBI, Planning Commission and department of telecommunication officials.
The government has identified 73,200 villages to provide mobile-linked bank services by March 2012. The objective is to use the 500-million-plus cellphone network to offer financial services, especially in areas with no banks. The roll-out will most likely start in Orissa.
Current rules allow cellphone users to deposit up to Rs 5,000 with telecome operators that can be used for merchant transfer of funds is allowed outside of the banking system.
The maximum value of each transaction will be Rs 5,000 a day and Rs 25,000 a month.
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