Question
Download Solution PDFWhat does ‘M’ stand for in ‘M-Banking’?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Mobile
- Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet.
- It enables customers of a bank or other financial institution to perform a variety of financial operations from the financial institution's website.
- In the year 2002 Mobile Banking was started in India by way of SMS Banking. Now it is becoming a new generation platform in India. Mobile Banking is useful for the customers for making inquiries about their balances on mobile phones.
- Dr. Raghuram Rajan, on taking over as Governor, Reserve Bank of India (RBI) on September 4, 2013, had stated that there was substantial potential for mobile-based payments and that a Technical Committee would be set up to examine the options/alternatives, including the feasibility of using encrypted SMS-based funds transfer utility, for expanding the reach of mobile banking in the country.
- Accordingly, a Technical Committee was constituted by the Reserve bank of India under the Chairmanship of Shri B. Sambamurthy, Director, Institute for Development and Research in Banking Technology, to study in-depth the present challenges faced in mobile banking, the adoption of particular technologies to meet the requirements of banks as well as vast numbers of mobile users and draw up a road-map for implementation of the solutions.
Last updated on Jun 2, 2025
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