Transactions using mobile banking transactions would need the customer to pay 2% commission to the concerned bank. The rule has been put forward by a governement panel on mobile banking rules.
A 'mobile linked no frill' account can be created by any customer using mobile phone for deposit, withdrawal and transfer operations. All transactions would be carried out using the mPIN or mobile PIN allotted to him under the IMPS remittance facility.
Telecom company outlets and their franchisees will act as retail customer points. The move is a step towards the achieving the goal of financial inclusion by the government.
Recently, banking major SBI inked a deal with Airtel for financial inclusion.