To extend the banking services and make them reachable on a wider scale the banks have decided to launch a mobile banking platform on basic phones. By the 28th August the banks will launch this facility. This measure is the part of the financial inclusion.
Through this mobile banking will be introduced on the cheapest handsets as well. With the help of this the banks are trying to reduce the dependencies of the customers for the banking services on the ATMs. It has been reported that Banks are installing new ATMs but the ATMs cost much more. Till now the mobile banking facility is limited to the smart phones only. With the help of this new platform mobile banking will be accessible on all the handsets.
This mobile platform will maintain the needs and security of the customers. RBI hopes that banks will be able to bring down their costs by migrating some of the transactions to mobile platform.