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RBI plans to offer banking services with SIM cards

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Reserve Bank of India (RBI) is planning to offer bundles of banking services with mobile telephone SIM card. This initiative will push branch banking into the background with rural banking going mobile.

 

This (SIM card) will function as a multi-application smart card, with some cash stored in it, in the form of e-Cash. Deputy governor of Reserve Bank of India (RBI), V Leeladhar, has urged banks and financial institutions to co-operate on the ICT front. He urged that automated teller machines (ATMs) would be set up in rural areas. ICT can provide accessibility, availability and affordability in the delivery of rural credit.

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