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Mobile Banking In India Dominated By State Bank of India

Mobile transactions in India have not yet reached the scale of online banking transactions yet, but a significant majority of transaction volumes are being dominated by one bank – State Bank of India, the country’s largest public sector bank. According to data retrieved from the Reserve Bank of India (RBI) by MediaNama using the Right To Information Act 707,496 mobile banking transactions, Rs. 61.61 crore were reported for the month of February 2011, of which as many as 529,318 transactions (74.81% of total) and Rs. 32.63 crore transacted (52.96% of total) were from customers of State Bank of India. There was a decline in transactions month on month, with 7,24,682 transactions and Rs. 62.77 crore reported in total for January 2011.

Note that the Reserve bank of India defines ‘mobile banking transactions’ as follows “undertaking banking transactions using mobile phones by bank customers that involve credit/debit to their accounts. It also covers accessing the bank accounts by customers for non-monetary transactions like balance enquiry etc.”

Readers might recall that in February 2011, the One Time Password second factor of authentication was introduced by Banks, following a notification from the RBI. Cleartrip, for one, had reported a decline in mobile ticketing at the beginning of the month. Note: It has been rightly pointed out by Sanjay Swamy in the comments that the second factor of authentication was introduced for credit and debit cards.

All in all, there has been growth in transaction volumes and amounts since September 2010, when 499039 transactions of value Rs. 43.79 crores had been reported. As as aside, Central Bank of India reported just one mobile banking transaction in Feb 2011, worth Rs. 5000.

We’ve received fairly granular information today – transaction volumes and value, segmented by bank, for every month since May 2009. Unfortunately, we’ll have to type out all this information, since what we have is in the form of printouts. Hopefully, by the end of next week, we should have responses to six other RTI requests, made of DAVP, DoT, the Income Tax department, Indian Airlines, MTNL and BSNL. As we’ve mentioned before, we believe government data should be made public, accessible and usable.

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If there’s information that you think will be of use to the Internet and Mobile industry in India, which we can retrieve using RTI, please contact us at nikhil AT medianama DOT com. We’re planning to file more RTI requests next week.

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ