Individuals today have an array of options to transact with their banks. Physical branch, ATM and the Internet are some of the common routes used. Now, mobile banking will make its presence felt across the country.
On the Move Banking
The Reserve Bank of India has issued guidelines for mobile banking and banks that meet the guidelines will be able to offer this facility for its customers. This is a leap forward because most people own a mobile phone in India, and can attend to their bankrelated activity even on the move.
Convenient Option
The customer, after keying in the necessary password, can transact with his bank. In addition to being convenient, the service saves a lot of time and effort spent on going to the bank or having to have Internet access.
Flip Side
At the same time the customer also has to understand the risks that come along with mobile banking. This will require due diligence and care on their part and hence they must understand the process and its operation clearly.
Source: The Hindustan Times
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