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Is India really ready for 'MASS MOBILE BANKING' ??

Created by : Rashmi Patil, Financial services  | 09 21 2010 11:19:30 +0000
Industry : BankingFunctional Area : India(Markets)
Keywords : telecom telecom industry banking industry mobile banking indian banking industry india telecom industry marriage between banking and telecom technologies will give birth to mass mobile banking
Activity:  468 views;  last activity : 04 14 2011 06:03:12 +0000

Yes guys its true...its the marriage of Indian telecom & banking services that will give birth to MASS MOBILE BANKING...

India is in its full potential & there is a huge scope for the emergence of mass mobile banking in India...but the current situation & infra condition may not make it feasible..

So, is India ready for "Mass Mobile Banking"??


  
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Yes Vs No
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Top Argument
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I think yes. The way our country is growing & the way these sectors are growing I strongly feel that it will be a success in India.


By Rashmi Patil, Financial services  09 21 2010 11:21:41 +0000
 
Top Argument
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I don't think its feasible for the time being. We need to work on the current technology we are working. Besides that we need to have good infra for such services. More no. of support centers should be build to handle complaints.

Theft of money through transaction might increase...
By Ekta Dutta, Hedge Fund Analyst/Trader, ING Vysya Bank  09 21 2010 12:24:44 +0000
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Eko India Financial Services Private Limited provides Eko, a technology solution for banks to offer mobile banking services in India. Its solution provides peer-to-peer money transfers, cash deposits and withdrawal, wage and salary payments, micro-insurance, and micro-credit functionalities to individuals by dialing numbers on a mobile handset at various customer service points, including kirana stores, grocer shops, petrol pumps, and PCOs. The company�s solution enables banks to provide banking facilities to urban, rural, and far flung areas, as well as to people who are unbanked section of the population. Eko India Financial Services Private Limited was founded in 2007 and is based in New Delhi, India
By Harender Singh, Marketing Manager, Eko India Financial Services  | 04 14 2011 06:03:12 +0000
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Eko India Financial Services Private Limited provides Eko, a technology solution for banks to offer mobile banking services in India. Its solution provides peer-to-peer money transfers, cash deposits and withdrawal, wage and salary payments, micro-insurance, and micro-credit functionalities to individuals by dialing numbers on a mobile handset at various customer service points, including kirana stores, grocer shops, petrol pumps, and PCOs. The company�s solution enables banks to provide banking facilities to urban, rural, and far flung areas, as well as to people who are unbanked section of the population. Eko India Financial Services Private Limited was founded in 2007 and is based in New Delhi, India
By Harender Singh, Marketing Manager, Eko India Financial Services  | 04 14 2011 06:02:21 +0000
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mass mobile banking is fine, as the telecom network and the IT, progress, all the associated services, such as banking will also spread. It is progressive.
By geetanjali , Freelancer, Equity Research/Analytics  | 01 24 2011 17:32:13 +0000
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whole consitution depends on mass mobile banking
By Mukut Kumar, Freelancer, Steel  | 09 22 2010 17:26:52 +0000
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No two opinions about it . The way rickshaw wallahs, vegetable vendors and all these people  have adopted to Mobile and the ubiquitious SMS  , it will be just a matter of time ( very short ) before banking is wrapped up into mobile technology .  people of all age groups are increasingly adopting themselves to this new technology very fast .
By sanjay , Regional Head - North India, networth stock broking ltd  | 09 22 2010 01:48:29 +0000
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I strongly believe that mobile phony & banking are complementing each other. IN THE COMING DAYS one even can not think of doing banking without mobile. It'll be interesting to see 3 G's intrduction.
By SANJEEV K GAMBHIR, Freelancer, Freelancer  | 09 21 2010 19:20:57 +0000
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Yes... Mobile is going to create revolution is communication - both B2C and C2C.
By AKNR Chandra Sekhar, Manager-Release Management, ANZ Operations and Technology  | 09 21 2010 16:47:36 +0000
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Yes, i too support Rashmi
By Sudeep Roy, Accounts Manager, Hiranandani Group  | 09 21 2010 16:06:02 +0000
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Yes... I saw Andhra Bank running mobile ATMs in Industrial areas and it is a success...Yes Rashmi, it works
By Suryanarayan Murthy, Asst Vice President (Corporate Finance), A Hydro Power Project  | 09 21 2010 12:57:48 +0000
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I support the argument of Rashmi

Zaidi
By saiyid safdar abbas zaidi, Consultant, self employed  | 09 21 2010 12:34:17 +0000
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It is ---it is already on that path and it  will be a successful journey

regds

Zaidi
By saiyid safdar abbas zaidi, Consultant, self employed  | 09 21 2010 12:32:57 +0000
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No. The formalities need to be reduced & simplified. Security is another concern needs to be answered firmly.
By Nilesh Pawar, Legal & Secretarial, Valencia Professional & Management Services LLP  | 01 24 2011 11:22:15 +0000
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hi, may be India is already on path, but considering the education/knowledge level mass mobile banking, at present, will be chaos.
By Ravichandar S, investment  | 09 27 2010 08:33:46 +0000
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Technology in banking is currently limited to the cities or metros. The vast market is in the rural or semiurban areas. Firt ofall we need to establish the existing technology is mad operational in this vast market, only after establishing such transfermation we can think of mass mobile banking and such things.
By Shashi Kumar U, Manager accounts & commercial, Mazda Concrete Products Pvt Ltd  | 09 22 2010 04:06:36 +0000
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I, partially agree with Ekta Dutta, Mass mobile banking is not a successive step, majority of the people (Even educted) do't know how to operate transaction on mobile, first of all banks has to bring awarness in the public.
By Yugandhar , Assistent Manager - Cost & General Accounts  | 09 22 2010 04:00:07 +0000
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I support Ekta partially that money theft will increase.  I am not very clear about security issues.  Airtel and ICICI Bank have started MChek for Airtel customers.  Are these services foolproof?  Those who have knowledge of this service and others, please enlighten...

Ofcourse, with banking through the mobile, a person is in constant touch with his bank account.  He will know all transactions that occur.  This may actually reduce thefts for there have been many instances of milking of dorment accounts especially by employees of the bank itself.

I for one, am planning to use my mobile for banking till I find that my account has been compromised...
By SR Sham Sunder, CEO/MD/Director Technoaid  | 09 22 2010 01:33:10 +0000
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