For Quick Alerts
For Daily Alerts

Govt Instructs Banks To eEable m-banking By March 31: Reports

By Religare

The Indian Government has said that it has instructed banks to link all savings accounts with mobile and Aadhaar numbers by March 31, 2017, and enable mobile banking for such customers.

Govt Instructs Banks To eEable m-banking By March 31: Reports
As per reports, all banks have been advised to undertake this in campaign mode. Mobile number seeding and enabling the same for m-banking are a pre-requisite for making mobile payments while Aadhaar number seeding is a pre-requisite for using Aadhaar Enabled Payments System (AEPS).

According to a recent Cabinet Secretariat notification, the Ministry of Electronics and Information Technology (MeitY) has been given the responsibility of promotion of digital transactions, including digital payments.

As per an estimate, currently only 65 per cent saving accounts are seeded with mobile numbers and only 50 per cent with Aadhaar. Out of the 65 per cent accounts already seeded with mobile numbers, only 20 per cent are enabled for mobile banking.

Read more about: aadhaar
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more