Mobile Banking Reaches the Rural Regions of India

Published By : 11 Jun 2015 | Published By : QYRESEARCH

Two of the sponsored rural banks of the state-run Canara Bank, one in Kerala and the other in Karnataka a launched an insta-payment service in association with the National Payments Corporation of India (NPCI). 

This is an innovative facility that will enable the customers of the Pragathi Krishna Rural Bank and Kerala Gramin Bank to transfer and receive payments through their mobile handset anytime of the day and throughout the year. The news about this latest technological advancement was shared to the media by M. Balachandran, Chairma of the NPCI. 

The NPCI was established in 2009, with an aim of making available reasonably priced payment system across the country to benefit the common man help financial inclusions. The NPCI is a non-profit organization that has an authorized capital of Rs.300 crore and Rs.100 crore of paid-up capital. The organization was set up by two private and two overseas banks in collaboration with six of the state-run banks. 

The aforementioned regional rural banks are the very first banks in South India to make available the exclusive inter-bank remittance services through mobile network, ATM, and the internet. The services will be available to the customers living in the rural region twenty four hours a day and seven days a week, as told by Balachandran on the press meet. 

Kerala Gramin Bank has its operations spread across all the 14 districts of Kerala. The operations are taken care through 565 branches , 3 banking business correspondents (BCA), 202 ATMs, and 157 banking kiosks across the region. 

The Pragathi Krishna Gramin Bank on the other hands operates in 11 out of the 30 districts of Karnataka. The bank has a total of 645 branches across these districts which operate through 210 ATMs and 881 BCAs.
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