Mobile Banking And Adhar Card

If mobile numbers can be ported why not bank accounts: S S Mundra-Financial Express

As technological advancements continue to change the world of finance and banking, Reserve Bank Deputy Governor S S Mundra today called upon bankers to “reinvent themselves” if they want to remain relevant.

“If there is a cloud-funding, if there is P2P lending today, then what is the role of banks? What they would be expected to do? Probably banks will have to reinvent themselves to maintain their relevance in the world of finance,” Mundra said speaking to a select audience consisting of leading bankers at a meet organised by business daily ‘Mint’.
In this context, he spoke about bank account portability and wondered if mobile numbers can be ported, why not bank accounts.
“If mobile number portability is possible, why banking account number portability is not possible?”

He went on to add that if banking account portability becomes a reality, “it would be a major disruption in the industry and every bank must be quite cautious about this. Also, it would be interesting to watch how banks would deal with this issue.”

Asked whether RBI will extend the deadline for ending the provisions norms for restructured loans from April 1, 2015, Mundra did not offer a direct answer, saying “let the IBA (apex body of bank managements) first approach us”.
On whether the regulator will consider deadline extension if banks approach them, the Deputy Governor said, “We never refuse to listen to anyone. When they approach, we will listen to them.”

Last May, RBI had said banks would have to make full provisions if they recast loans effective April 1 this year.
Earlier this week, Union Bank of India Chairman and Managing Director Arun Tiwari said Indian Banks Association might request the regulator to extend the April deadline and continue with the present set of norms on loan recast.

Asked whether there are some concerns about monetary policy transmission as only two small banks have cut base rates after the RBI surprisingly lowered repo rate by 25 bps early this month, Mundra said the impact comes with a lag.

“It is not our expectation that if we (RBI) do a rate cut today, then we expect banks to cut their rates immediately. They have their asset liability committees to meet and take call and other approval system,” he said.

On the steep fall in oil prices, Mundra said it would help the country save at least USD 50 billion this year. On ownership of banks, he said a large section of them will see change in their ownership going ahead.
Will bank account number portability be a reality in India?
As technological advancements continue to change the world of finance and banking, Reserve Bank deputy governor S S Mundra called upon bankers to "reinvent themselves" if they want to remain relevant.

"If there is a cloud-funding, if there is P2P lending today, then what is the role of banks? What they would be expected to do? Probably banks will have to reinvent themselves to maintain their relevance in the world of finance," Mundra said speaking to a select audience consisting of leading bankers at a meet organised by business daily 'Mint'.
In this context, he spoke about bank account portability and wondered if mobile numbers can be ported, why not bank accounts.

"If mobile number portability is possible, why banking account number portability is not possible?"

He went on to add that if banking account portability becomes a reality, "it would be a major disruption in the industry and every bank must be quite cautious about this. Also, it would be interesting to watch how banks would deal with this issue."
Asked whether there are some concerns about monetary policy transmission as only two small banks have cut base rates after the RBI surprisingly lowered repo rate by 25 bps early this month, Mundra said the impact comes with a lag.

If RBI cuts rates today, the banks are not expected to lower their rates immediately, he said, adding, they have their asset liability committees, and there are other approval systems.

Aadhaar number to be used as 'digital identity' for mobile banking-DNA
The union government under its ambitious 'Digital India' programme has decided to use the Aadhaar number as a "digital identity" for the purpose of mobile banking. The Aadhaar number would be linked with the mobile number as well as the bank account number of the individual.

The union government under its ambitious 'Digital India' programme has decided to use the Aadhaar number as a "digital identity" for the purpose of mobile banking. The Aadhaar number would be linked with the mobile number as well as the bank account number of the individual.

The announcement was made by the secretary, Department of Electronics & Information Technology, Government of India, RS Sharma, at the 18th national conference on e-Governance in Gandhinagar.

"When we are moving ahead in the direction of 'Digital India', identity and authenticity of user in the digital space become very crucial. We will use Aadhaar number as digital identity of the user. We will link it with mobile number, which will enable the user to do secure transaction using his mobile phone," said Sharma.

"Aadhaar number, mobile number and bank account number -- these are the three important pillars of Digital India programme. We will link all of them together to provide a flawless solution, where people can easily do transactions using their mobile phones," said Sharma.

"Our mission of Digital India is also relevant with financial inclusion. We want to make financial transactions electronic and cashless. We want banking to be made available to the people living in villagers using mobile phones.

 Aadhaar linked bank accounts will enable villagers to do banking without coming to cities. This initiative will transform entire India in near future. Such mobile-governance will bring countless people, who are otherwise left behind, in to the system using technology," said Sharma.

Modi tweets support for mobile governance-Times of India 31.01.2015

AHMEDABAD: In a first-of-its-kind initiative, Prime Minister Narendra Modi used Twitter to address his remarks to the 18th National Conference on e-Governance on Friday. Modi was supposed to attend the conference in person but was unable to do so. Hence, he made his opening remarks through a string of tweets.

He said the central government was committed to the 'Digital India' dream and stressed on the need for 'mobile' governance. "While we look at e-Governance, let us think about 'mobile first' and thus give importance to m-Governance (mobile governance). I urge you to explore ways to provide as many services as possible through mobiles," Modi said through tweets.

Chief minister Anandiben Patel was the chief guest at the conference. Later she gave awards to 24 National e-Governance winners in 12 different categories. In Gujarat, Suraksha Setu project of Surat Police won the 'gold' award in 'Innovative use of technology in e-governance' category, and 'e-procurement' by the state government's Industries Commissionerate won the 'silver' award in 'Incremental Innovations in existing projects' category.

N Chandrasekaran, CEO and MD, TCS, laid stress on the need to implement e-governance if the gap between urban and rural populations is to be reduced.

The 2-day event has been jointly organized by the Union government's department of administrative reforms and public grievances; ministry of personal, department of electronics and information technology; and ministry of communications and technology in association with Confederation of Indian Industry (CII).