India's largest private sector lender, ICICI Bank, has revamped its mobile banking application and now offers 110 banking services on it. The application now allows the bank's customers to login with either their user id and password provided by the bank or PIN set by the customer itself. Rajiv Sabharwal, executive director at ICICI Bank, in a conference call said that the previous version of the mobile banking app had 55 transactions enabled on it. Sabharwal added that the adoption of mobile banking is exceeding that of internet banking and the lender expects to add 1 crore customers on their mobile banking application by the end of the fiscal year. For the month ended April 2015, ICICI Bank clocked in more than 3.8 million transactions through mobile banking according the Reserve Bank of India (RBI) data. Some of the new features of the mobile banking application include: - Customers can link and view all their relationships with the bank including accounts, PPF, demat accounts, cards and mortgages. - Make payments to contacts on their phones. The sender will have to enter the amount to be sent via the app and the recipient gets an SMS with a link where they will have to enter their bank account details and IFSC code. The sender will then get an OTP which they will have to share with the recipient to authenticate the transaction. - Send money to anyone in the country via cardless cash withdrawal. The sender will have to enter the…
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