What Is It?
In the last two decades, mobile banking has evolved from being mere SMS-based support service – wherein you get updates about your transactions – to a full-fledged banking service. Thanks to wireless application protocol/WAP-supported smartphones, now a customer can avail of almost all those services that he could once get only when physically present at the branch. Technically, all bank transactions that involve accessing credit/debit through a mobile device (phone or handheld tablet) are considered as mobile-banking transactions. These services, currently offered by 97 banks in India, are available to mobile customers irrespective of their mobile network or service provider. A customer may simply register with their respective bank and download a specific application on their smartphone. Licensed banks with the provision of core banking solutions (CBS) are permitted to offer mobile-banking services to their customers after obtaining necessary permissions from the Department of Payments and Settlement Systems, Reserve Bank of India. As of now, only rupee-based services within India are allowed; cross-border transfers of any kind are prohibited. Personalized alerts and security prices