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 06:04:58 +0000
I believe even RBI would not oppose Mobile Banking if the security infrastructure is foolproof. It's just that RBI wants to protect the people. Remember,it's only because of strong regulatory mechanism like RBI India has survived the Global meltdown.
By
Ganesh Bhat, MD & CEO, Balkan HR Services P L
| 08 20 2010 04:57:00 +0000
No,i dont think it is a right move coz almost every bank is encouraging mobile banking,that too even in rural areas.Tht shows it is a need of the hour.
By
Tushar Kamble, Assistant Manager, AXIS Bank
| 08 19 2010 09:28:34 +0000
12 years after the mobile phone is introduced in this country, people still yet to learn mobile culture. Further people having more than one handset are liable to create problem of identity. Unless rule is passed in favour of "one person, one mobile" mobile banking should be discouraged.
By
Biplov Kumar Ghosh, Senior Manager-Region, State Bank Of India
| 08 18 2010 16:35:09 +0000
The Economic offences are increasing alarmingly. In the wake of these developments, the RBI's move to oppose the mobile banking is perfectly correct. This we cant compare with that of Internet banking. Authenticity of mobile user and his/her transactions with the bank(s) is cynical. Tracking the mobile user is an added headache.
By
Srinivas suravajhala, Asst. Manager.
| 08 17 2010 08:22:53 +0000
It is a good move by the RBI. Mobile phones are prone to risk majority of the times. Theft, handling by others, misplaced shall cause major problems to the user of the account. Though there are various options available to retrieve the information, money lost is a major consideration in this process.
By
Amba Prasad G S, Business Analyst, Sales & Distribution
| 04 21 2010 10:51:16 +0000
I agree with it.Because first of all there is a question of security and also authenticity.Apart from that i will raise one point,as we should think of mass not individual,how many peoples are using such mobile where mobile banking facility could be got?Still in our country,people are taking mobile only as medium of communication.For that they wont prefer to do banking work through mobile.Moreover RBI is going to concentrate on it by keeping into account something.
By
roumi chatterjee, asst commercial executive, century plyboard india ltd
| 12 22 2009 10:07:14 +0000
RBI has previously opposed Internet Banking till it made a complete study of all the technical and other issues involved in internet banking and could come out with detailed guidelines for the introduction of internet banking. The present opposition to Mobile Banking might be somethiing similar to that. Even if RBI puts a limit on the amount which can be transferred through mobile banking, the mandatory basic security layers have to be available at all the Banks which introduce Mobile Banking. But what are the mandatory basic security layers? This can be arrived at by a team of experts who can study the systems available in other countries as well as add their inputs. It is better to do something after consideration of all aspects rather than introduce something without thinking through all the issues and pay a heavy price later on. And what is the hurry for introducing mobile banking? There are only 0.001 % mobile phones which are compatible. There is a long way ahead for making this popular also once it is introduced.
By
Raju V P, Senior Manager, an International Bank
| 12 02 2009 05:42:37 +0000
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Opposition against the Mobile banking by RBI is just to protect the interest of the Bank customers.If a full proof system is generated by any Bank for Mobile banking,then no questain of oppositions.
By
R N Bhattacharyya, Freelancer, Freelancer
| 08 17 2010 07:52:54 +0000
its a retrogade step by RBI. in todays technological advancement, banking via mobile is the next best thing to happen to mass banking process. Though there are concerns of security, thats why you have sub secure and security gateway arrangements which can make sure that such issues are at bay.
By
Kiran Sethumadhavan, Partner, Sunrise Associates
| 08 17 2010 04:50:06 +0000
'Man invented language to satisfy his deep need to complain." not to mention technology too being praised for being useful at first and useless the next moment we feel threatened by it when was the last time we made a sincere effort to secure the banking sector like with the use of ethical hackers for example who can provide a scenario of a theft occurred before being done in real life situation . We are humans after all just relax and leave rest to the person above even rbi guy's should think about it seriously before making such hasty decisions .
By
prateek choudhary, PG Diploma student, maya academy of advanced cinematics
| 04 21 2010 13:43:55 +0000
I pesonally don't think it is a right move at all as in the world of globlization where people wants things to be done at jet pace RBI is opposing mobile banking. nobody is interested in visting banks now a days ,nobody wants to stand in queue in banks .Everybody wants to save time. Only problem is with the authenticity of the transaction ,for that I strongly believe that RBI & SEBI can come up with the strong actions that they have done in the past . So RBI should give a eye to it that our country is heading towards the fast jet life and such a move can get in the way of India's goals of becoming the world's fastest economy.
By
Sandeep sharma, MBA(finance),BE(electrical), STUDENT
| 12 01 2009 18:31:44 +0000
Mobile banking is used for emergencies only when one has no access to Internet. The transaction limits can be imposed rather than a total ban on it.
By
Prasad PN, Zonal Sales Manager
| 12 01 2009 12:08:30 +0000
Required security arrangement might not have ready to copup with the mobile banking system, American countries are already in the field of mobile banking, they were in the of mobile communication buisiness long before India started it. It may create an insecurity feeling to the deposit holders who are the foundations of the baning industry. Innorder to provide more security in the minds of the deposit holders of Indian banks, RBI oppossed the mobile banking system in India. When economy is facing challanges better policy is defencive rather than offencive.
By
RAMANATHA PRABHU N, Chartered Accountant
| 12 01 2009 11:22:12 +0000
RBI should not oppose this. Present generation is all about online. Internet banking requires a person to access LAPTOP and NET, which may sometimes be inaccessible in remote places or far rural areas. Whereas Mobile Banking one just needs to have a GPRS connectivity which can be easily accessible from the operator for a nominal fee. However i think they had plaaned to restrict the transaction amount to Rs 5000 /- per day for mobile banking if introduced. So there is nothing much to bother. Today people mainly want to avoid TRAFFIC especially by travelling, or when you are already having Internet marketing, Online Trading,payments,bookings,.etc then the RBI should not oppose. RBI,pvt banks govt banks, TRAI altogether need to discuss and frame out a Master plan. And i Think MOBILE BANKING if launched will be a huge success and already India is ruling as the HOTTEST DESTINATION in terms of no of mobile connections or mobile business . Its a Incentive for the INDUSTRY especially.
By
C Nijagunaradhya, Planning engineer, Aarvee associates
| 12 01 2009 09:32:38 +0000
i m not in support of the RBI, because if u take an example of rural banking, which bankig sector is considering more, can be afford if this sevice will be available in mobiles...as u all can observe that atleast a mobile connection is there in evry village but not bank. so target can be acheived by allowing mobile banking service .
By
Naushad Ansari, PGDM, ACCMAN
| 12 01 2009 08:55:15 +0000
No actually Rbi 's move of opposing mobile banking is giving intimation that it has very sceptical view on this matter. May be it has a view that through mobile banking major part of the work is solved without any sort of clerical activities. this might raise in the less need of the employees. Also through this process even customers are least interested to visit their banks often. Now this is a general help which a customer gets without effecting his schedule. .Not even the time but the useless visiting to bank is also reduced which is quit good from the customers point of view. He can get all the services needed from a bank through a single sms or GPRS system. RBI should think over its decision one more time keeping in mind the normal customers need and interest.
By
abhishek Pandey, Territory Manager, DBS Cholamandalam Ltd
| 11 30 2009 07:36:26 +0000
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