Only the service code ‘*99#’ in mobile are required to initiate funds transfer and check the balance in of bank accounts.
About 20 banks will offer the service code based mobile banking facility to customers who are subscribers of Mahanagar Telephone Nigam Ltd and Bharat Sanchar Nigam Ltd. State Bank of India, Bank of India, Bank of Baroda, Canara Bank and Union Bank of India will be part of the initial roll-out.
All mobile banking transactions will be routed through the National Payments Corporation of India’s National Financial Switch for ATMs.
The service code based facility will work even on the most basic GSM mobile phone. It does not require users to download any software (application) for mobile banking.
A customer registering with his bank for mobile banking will be given a seven-digit mobile money identifier (MMID) and a mobile personal identification number (MPIN).
To initiate a mobile banking transaction, all that a customer will need to do is key in the ‘*99#’ service code.