Mobile Banking: An idea yet to take off

Ever since the Reserve Bank of India (RBI) first released associated guidelines in 2008, mobile banking has been touted as the future of broad-based financial services in India. It was an elegant solution that married one of the country’s achievements—booming mobile phone penetration—with one of its major shortcomings—a vast financial hinterland of consumers without access to banking services, popularly known as the“financially excluded”.

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