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People in areas that do not have access to banks should be able to open accounts linked to their cellphones and be allowed withdrawals of up to Rs 5,000 a day, according to a mobile banking framework presented by a government committee on Friday.

“The framework envisages creation of mobilelinked no-frills accounts by the banks, which will have various transaction limits,” said the Inter Ministerial Group (IMG) in its report to Telecom Regulatory Authority of India (Trai).

Under the framework, a
person with mobile-linked account will be allowed to undertake five basic transactions through banking correspondents or their subagents appointed by banks.

IMG, constituted by the Cabinet Secretary in 2009, has suggested that people can keep money in their nofrills accounts, where there is no requirement of minimum deposit. Such account holders are not issued any chequebooks.

The report assumes significance considering the growing number of mobile subscribers among the rural population and the disadvantaged sections. — PTI
MOBILE CASH Cash deposit, credit customer’s mobile-linked no-frills account, cash withdrawal, peer-to-peer transfer and balance inquiry can be executed through a mobile based PIN system.

No requirement of minimum deposit. No cheque books or passbooks will be issued.

The ceiling for withdrawal is `5,000 per day and `25,000 per month.

Transactions can be done through mobile banking points of sale or through bio-metric based micro ATMs of banking correspondents (who can be even a shopkeeper) or their sub-agents.

1.55 lakh post offices across the country would also be used to provide banking services with the help of cellphones to people in rural areas.

Source : DC