Growth of mobile banking in India has been below expectations: RBI
The Reserve Bank has expressed its disappointment over the lower-than-expected spread of mobile banking in the country, saying the awareness levels of this tool has been wanting. "Though mobile banking channel has the potential to be one of the key tools for achieving financial inclusion, the growth and acceptance of mobile banking as a channel of accessing banking service has been below expectations," the central bank said in its half-yearly financial stability report released earlier this week. The report listed a slew of reasons for the poor show, such as low levels of awareness and acceptance, inability of banks to seed the mobile number with the account number, incompatible handsets, absence of collaboration and revenue sharing models between banks and mobile operators, and absence of USSD channels for mobile banking…