“A STUDY ON MOBILE BANKING IN INDIA”

A Project Submitted to

UNIVERSITY OF MUMBAI

for partial completion of degree of

BACHELOR OF MANAGEMENT STUDIES

Under the Faculty of Commerce

By

SUJAL PRAVIN SALVI

Under the guidance of

Prof. SONALI BARE

MODERN EDUCATION SOCIET’S

D.G RUPAREL COLLEGE OF ARTS, SCIENCE & COMMERCE
MATUNGA (WEST), MUMBAI-400016
MARCH, 2023-24

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 CERTIFICATE

This is to certify that SUJAL PRAVIN SALVI student of TYBMS

Semester VI of the D. G. Ruparel College of Arts, Science and
Commerce has successfully completed the project report on “A STUDY
ON MOBILE BANKING IN INDIA” under the guidance of PROF.
SONALI BARE for the academic year 2023-24.

________________________
_________________________
INTERNAL EXAMINER EXTERNAL
EXAMINER
PROF. SONALI BARE

________________________ __________________
DR. VIDYA PATIL COLLEGE SEAL
(Vice Principal)

Date Of Submission: / /

Place: Mumbai

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 DECLARATION BY LEARNER

I the undersigned SUJAL PRAVIN SALVI here by, declare that the work
embodied in this project work titled “A STUDY ON MOBILE BANKING IN
INDIA” my own contribution to the research work carried out under the
guidance of Prof. SONALI BARE is a result of my own research work and has
not been previously submitted to any other University for any other
Degree/Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has

been clearly indicated as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

____________________________

SUJAL PRAVIN SALVI

____________________________

PROF. SONALI BARE

(Project Guide)

Date: ___/___/____

Place: Mumbai

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 ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous and the depth
is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me
chance to do this project.

I would like to thank my I/C Principal, Dr. Dilip Maske for providing the
necessary facilities required for completion of this project.

I take opportunity to thank our Coordinator Vidya Patil for her moral
support and guidance.

I would like to express my sincere gratitude towards my project Mentor

Prof. Sonali Bare whose guidance and care made the project
successful.

I would like to thank my College Library, for having provided various

reference books and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially my parents and peers who supported
me throughout my project.

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 ABSTRACT
Mobile banking is an electronic system that provides most of the basic
services available in daily, traditional banking, but does so using a mobile
communication device, usually a smart phone. In some cases, a well-developed
mobile banking system can actually provide point-of-sale ability similar to an ATM or
credit card, except the purchaser buys by using their phone instead. With the ease of
mobile smart phones and their wide variety of applications today, it's not surprising
the mobile banking is now coming into full vogue. However, the concept and ability
is not a new concept. m- Banking. It presents a classification framework for m-
banking research based on 65 m-banking papers published between 2000 and mid-
2010 in Information Systems (IS), technology innovation, management, and
marketing journals, and major IS conferences. These papers are classified into five
main categories: m-banking overview and conceptual issues, Features & Benefits of
Mobile Banking, Current operating practices of commercial banks, Mobile
banking/payment practices in Indian Commercial Banks and Challenges in India
strategic, legal and ethical issues. It is expected that the comprehensive list of
references and assessments presented in this paper will provide a useful anatomy of
young m-banking literature to anyone who is interested in m banking and help
stimulate further interest.

Banking is the backbone of every industry and technology plays an important

role in every industry. The role of technology is increasing very rapidly day by day,
which is also promoting the banking industry. Banking is one of the largest financial
institutions which regularly explore the opportunity of technology to provide better
customer services. Over the years, banking has transcended from a traditional brick-
and mortar model of customers queuing for services in the banks to modern day
banking where banks can be reached at any point for their services. In today’s
business, technology has been the largest indicators of growth and competitiveness.
The banking industry today is in the industry of its revolution. Information technology
has basically been used under two different avenues in banking. One is
communication and connectivity and other is business process. Today, banks have
welcomed wireless and mobile technology into their boardroom to offer their

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customers the freedom to pay bills, planning payments while stuck in traffic jams, to
receive updates on the banking in India. various marketing efforts while present at a
party to provide more personal and intimate relationships.

INDEX
SR TOPIC PAGE
NO. NO.

1. INTRODUCTION 7 - 31

1.1 Introduction to the Mobile Banking

1.2 History

1.3 Private sector Banks

1.4 Public sector Banks

1.5 Origination of M-Banking in India

1.6 Types of Mobile Banking Services

1.7 Mobile Banking for Children

1.8 Importance of Mobile Banking

1.9 Positive Impact of Mobile Banking

1.10 Negative Impact of Mobile Banking

1.11 Challenges Associated with Mobile Banking

1.12 Review of Current Operating Practices of Commercial

Banks in India

1.13 Mobile Banking and Security Issues with WAP

(Wireless Application Protocol)

1.14 SMS Based Mobile Banking

1.15 Virus Attacks in Mobile Banking

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 1.16 Risk with Digital Signature

1.17 M-Banking Advantages and Disadvantages

1.18 Mobile Banking vs Internet Banking

1.19 Types of Banks

RESEARCH METHODOLOGY
2. 32 - 36

● INTRODUCTION

2.1 OBJECTIVES OF THE STUDY:

2.2 STATEMENT OF THE PROBLEM:

2.3 NEED OF THE STUDY:

2.4 LIMITATIONS TO THE STUDY:

2.5 METHODOLOGY AND SOURCES OF DATA:

● TYPE OF RESEARCH USED

● METHOD OF DATA COLLECTION

3. LITERATURE REVIEW 37

4. DATA ANALYSIS AND INTERPRETATION

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 5. CONCLUSION 48

6. BIBLIOGRAPHY AND WEBLIOGRAPHY

7. ANNEXURE

1. INTRODUCTION

1.1 INTRODUCTION TO MOBILE BANKING:

Mobile banking is a service provided by a bank or other financial

institution that allows its customers to conduct financial transactions remotely using
a mobile device such as a smartphone or tablet. Unlike the related internet banking it
uses software, usually called an app or applications provided by the financial
institution for the purpose. Mobile banking is usually available on a 24-hour basis.
Some financial institutions have restrictions on which accounts may be accessed
through mobile banking, as well as a limit on the amount that can be transacted.
Mobile banking is dependent on the availability of an internet or data connection to
the mobile device.

Transactions through mobile banking depend on the features of the mobile

banking app provided and typically includes obtaining account balances and lists of
latest transactions, electronic bill payments, remote check deposits, P2P payments,
and funds transfers between a customer's or another's accounts. Some apps also enable
copies of statements to be downloaded and sometimes printed at the customer's
premises. Using a mobile banking app increases ease of use, speed, flexibility and

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also improves security because it integrates with the user built-in mobile device
security mechanisms.

From the bank's point of view, mobile banking reduces the cost of handling
transactions by reducing the need for customers to visit a bank branch for non-cash
withdrawal and deposit transactions. Mobile banking does not handle transactions
involving cash, and a customer needs to visit an ATM or bank branch for cash
withdrawals or deposits. Many apps now have a remote deposit option using the
device's camera to digitally transmit cheques to their financial institution.

Mobile banking differs from mobile payments, which involves the use of a
mobile device to pay for goods or services either at the point of sale or
remotely, analogously to the use of a debit or credit card to affect an EFTPOS
(Electronic Funds Transfer at Point of Sale) payment.

In INDIA, there are approximately 13 million mobile banking users and this
figure is expected to grow rapidly with mobile transactions exceeding credit card
transactions by the end of the decade. By some measures, there are more mobile
phones in India than there are bank accounts. The mobile banking is defined as “the
provision of banking services to customers on their mobile devices” specifically
the operation of bank current and deposit or savings accounts.

Mobile usage has seen an explosive growth in most of the Asian economies
like India. The main purpose of Mobile Banking scores over Internet Banking is that
it enables ‘Anywhere Anytime Banking is Available'. Customers don't need access
to a computer terminal to access their bank accounts.

1.2 HISTORY:

The earliest mobile banking services used SMS (Short Message/Messaging

Service) a service known as SMS banking. With the introduction of smart
phones with WAP (Wireless Application Protocol) support enabling the use of
the mobile web in 1999, the first European banks started to offer mobile banking on
this platform to their customers. Mobile banking before 2010 was most often
performed via SMS or the mobile web.
SMS banking and mobile web were the most popular mobile banking products
before 2010. With the development of smartphones with iOS or Android operating

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systems, mobile banking applications (apps) began to evolve. With that said,
advancements in web technologies such as HTML5, CSS3 and JavaScript have seen
more banks launching mobile web-based services to complement native applications.
Clients were able to download the banking apps onto their smartphones with more
sophisticated interfaces and improved transactional abilities.
To date, many financial institutions make use of both SMS and mobile
applications to keep their clients informed of their account activities or to send out
alerts regarding possible fraud and/or updates and maintenance of service provision.

Examples can be a text message from a bank, notifying users that

their ATMs or apps will not be accessible during a particular time period due to
system maintenance, or a confirmation text from the bank regarding a transfer carried
out by the client via the mobile app.

HISTORY OF BANKING IN INDIA:

Without a sound and effective banking system in India it cannot have a

healthy economy. The banking system of India should not only be hassle free but it
should be able to meet new challenges posed by the technology and any other external
and internal factors. For the past three decades India's banking system has several
outstanding achievements to its credit. The most striking is its extensive reach. It is no
longer confined to only metropolitans or cosmopolitans in India. In fact, Indian
banking system has reached even to the remote corners of the country. This is one of
the main reasons of India's growth process.

The government's regular policy for Indian bank since 1969 has paid rich
dividends with the nationalization of 14 major private banks of India Not long ago, an
account holder had to wait for hours at the bank counters for getting a draft or for
withdrawing his own money. Today, he has a choice. Gone are days when the most
efficient bank transferred money from one branch to other in two days. Now it is
simple as instant messaging or dials a pizza. Money has become the order of the day.
The first bank in India, though conservative, was established in 1786. From 1786 till
today, the journey of Indian Banking System can be segregated into three distinct
phases. They are as mentioned below:

● Early phase from 1786 to 1969 of Indian Banks

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 ● Nationalization of Indian Banks and up to 1991 prior to Indian banking sector

● Reforms.

● New phase of Indian Banking System with the advent of Indian Financial &

● Banking Sector Reforms after 1991.

To make this write-up more explanatory, I prefix the scenario as Phase I, Phase II and
Phase III.

Phase I:

The General Bank of India was set up in the year 1786. Next came Bank of
Hindustan and Bengal Bank. The East India Company established Bank of Bengal
(1809), Bank of Bombay (1840) and Bank of Madras (1843) as independent units and
called it Presidency Banks. These three banks were amalgamated in 1920 and
Imperial Bank of India was established which started as private shareholders banks,
mostly Europeans shareholders. In 1865 Allahabad Bank was established and first
time exclusively by Indians, Punjab National Bank Ltd. was set up in 1894 with
headquarters at Lahore. Between 1906 and 1913, Bank of India, Central Bank of
India, Bank of Baroda, Canara Bank, Indian Bank, and Bank of Mysore were set up.
Reserve Bank of India came in 1935. During the first phase the growth was very slow
and banks also experienced periodic failures between 1913 and 1948. There were
approximately 1100 banks, mostly small. To streamline the functioning and activities
of commercial banks, the Government of India came up with The Banking Companies
Act, 1949 which was later changed to Banking Regulation Act 1949 as per amending
Act of 1965 (Act No. 23 of 1965). Reserve Bank of India was vested with extensive
powers for the supervision of banking in India as the Central Banking Authority.
During those day’s public has lesser confidence in the banks. As an aftermath deposit
mobilization was slow. Abreast of it the savings bank facility provided by the Postal
department was comparatively safer. Moreover, funds were largely given to traders.

Phase II:

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 Government took major steps in this Indian Banking Sector Reform after
independence. In 1955, it nationalized Imperial Bank of India with extensive banking
facilities on a large scale especially in rural and semi-urban areas. It formed State
Bank of India to act as the principal agent of RBI and to handle banking transactions
of the Union and State Governments all over the country. Seven banks forming
subsidiary of State Bank of India was nationalized in 1960 on 19 th July, 1969, major
process of nationalization was carried out. It was the effort of the then Prime Minister
of India, Mrs. Indira Gandhi. 14 major commercial banks in the country were
nationalized.

Second phase of nationalization Indian Banking Sector Reform was carried

out in 1980 with seven more banks. This step brought 80% of the banking segment in
India under Government ownership. The following are the steps taken by the
Government of India to Regulate Banking institutions in the Country:

● 1949: Enactment of Banking Regulation Act.

● 1955: Nationalization of State Bank of India.

● 1959: Nationalization of SBI subsidiaries.

● 1961: Insurance cover extended to deposits.

● 1969: Nationalization of 14 major banks.

● 1971: Creation of credit guarantee corporation.

● 1975: Creation of regional rural banks.

● 1980: Nationalization of seven banks with deposits over 200 crores.

After the nationalization of banks, the branches of the public sector bank India
rose to approximately 800% in deposits and advances took a huge jump by 11,000%.
Banking in the sunshine of Government ownership gave the public implicit faith and
immense confidence about the sustainability of these institutions.

Phase III:

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 This phase has introduced many more products and facilities in the banking
sector in its reforms measure. In 1991, under the chairmanship of M Narasimham, a
committee was set up by his name which worked for the liberalizations of banking
practices. The country is flooded with foreign banks and their ATM stations. Efforts
are being put to give a satisfactory service to customers. Phone banking and net
banking is introduced. The entire system became more convenient and swifter. Time
is given more importance than money.

The financial system of India has shown a great deal of resilience. It is

sheltered from any crisis triggered by any external macroeconomics shock as other
East Asian Countries. suffered. This is all due to a flexible exchange rate regime, the
foreign reserves are high, the capital account is not yet fully convertible, and banks
and their customers have limited foreign exchange exposure.

1.3 Private Sector Banks:

a) Old generation private banks

b) New generation private banks
c) Foreign banks operating in India
d) Scheduled co-operative banks
e) Non-scheduled banks

Private Sector Banks:

1. HDFC Bank

2. ICICI Bank

3. Federal Bank

4. ING Vysya Bank

5. Axis Bank (formerly UTI Bank)

6. Yes Bank

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7. Bank of Rajasthan

8. Bharat Overseas Bank

9. Catholic Syrian Bank

10. Centurion Bank of Punjab

11. City Union Bank

12. Development Credit Bank

13. Dhanalakshmi Bank

14. Ganesh Bank of Kurundwad

15. IndusInd Bank

16. Jammu & Kashmir Bank

17. Karnataka Bank Limited

18. Karur Vysya Bank

19. Kotak Mahindra Bank

20. Lakshmi Vilas Bank

21. Nainital Bank

22. Ratnakar Bank

23. SBI Commercial and International Bank

24. South Indian Bank

25. Amazing Mercantile Bank

26. Punjab National Bank

27. Rupee Bank

28. Saraswat Bank

29. Tamilnad Mercantile Bank

30. Thane Janata Sahakari Bank

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 31. Bassein Catholic Bank

After nationalization of 14 commercial banks in 1969, no new private banks

were licensed by RBI in the country, though there was no legal bank on entry of
private sector banks. The Narsimha committee report of 1991, has envisaged a larger
role for private sector banks. In recognition of need to introduce greater competition
with a view to achieving higher productivity and efficiency of banking system. RBI
issued few guidelines in Jan 1993 for entry of private sector banks. It prescribed of
minimum paid up capital of Rs.100 crores for new bank and shares to be listed at
stock exchanges new bank after being granted license under Banking Regulation Act,
shall be registered as public ltd. Company under companies Act 1956. Subsequently
nine new commercial banks have been granted license to start banking operations.
The new private sector banks have been very aggressive in business expansion and
are also reporting higher profit levels taking advantage of technical and skilled
manpower. In certain areas, these banks have been out crossed the other group of
banks including foreign banks.

GUIDELINES FOR PRIVATE SECTOR BANKS:

The RBI issued guidelines regarding the formation and functioning of private
sector banks in January 1993. These guidelines are as follows:

⮚ The banks shall be governed by the provisions of The Reserve Bank of

India Act,

⮚ Private sector banks are required to be registered as public limited

companies in India.

⮚ The authority to grant a license lies with the RBI.

⮚ The shares of banks are required to be listed on stock exchanges.

⮚ Preference will be given to those banks whose headquarters are

proposed to be

⮚ located in a center that does not have headquarters of any other bank.

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 ⮚ Maximum voting rights of an individual shareholder would be limited

to 1% of

⮚ total voting rights.

⮚ The new bank would not be allowed to have as its director any person

who is

⮚ already a director in a banking company.

⮚ The bank will be subject to prudential norms in respect of banking

operations, accounting policies and other policies, as laid down by

RBI. The bank will be required to adhere to the following: Minimum
paid up share capital of Rs. 1 bln. Promoters' contribution as
determined by the RBI Capital adequacy of 8% of the risk weighted
assets Single borrower and group borrower exposure limits in force
Priority sector lending Export credit Loan policy within overall policy
guidelines laid down by the RBI.

⮚ The banks will be free to open branches anywhere once they satisfy the

capital adequacy and prudential accounting norms. The banks would

not be allowed to have investments in subsidiaries, mutual funds and
portfolio investments in other companies in excess of 20% of the
banks' own paid-up capital and reserves.

⮚ The banks would be required to use modern infrastructural facilities in

office equipment, computer, telecommunications etc.

MAJOR PLAYERS IN PRIVATE SECTOR BANKS:

ICICI Bank: ICICI Banking is commercial Banking arm of ICICI group. It

received its banking license from RBI on May 17 May 1994 and its branch was
started in Madras in June 1994. ICICI Bank has a network of about 560 branches and
extension counters and over 1,900 ATMs. ICICI Bank offers a wide range of banking
products and financial services to corporate and retail customers through wide variety

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of delivery channels and through its specialized subsidiaries and affiliates in the areas
of investment banking, life and non-life insurance, venture capital and asset
management. ICICI Bank set up its international banking group in fiscal 2002 to cater
to cross border needs of clients and leverage on its domestic banking strengths to offer
product internationally. ICICI Bank’s equity shares are listed in India on the Stock
Exchange, Mumbai and the National Stock Exchange of India Limited and its
American Depositary Receipts are listed on New York Stock Exchange. It is the first
bank to start Internet banking service in India. In 1999, ICICI become the first Indian
Company and the first bank or financial institution from non-Japan Asia to be listed
on NYSE.

IDBI Bank: IDBI Ltd., the tenth largest development bank in the world has
promoted world class institutions in India. IDBI promoted IDBI bank to mark the
formal foray of the IDBI group into commercial Banking. IDBI begun with an equity
capital base of Rs.1000 million, commenced its first branch at Indore in November
1995. The birth of IDBI took place after RBI issued guidelines for entry of new
private sector banks in January 93. IDBI bank deployed Finacle, the e-age banking
solution from Infosys tio consolidate its position, meet challenges and quickly seize
new business opportunities. IDBI bank become the first to offer mobile refill/recharge
using SMS, launch of “ATM next”, which provide online information about News,
cricket scores, emergency numbers, bank’s products on ATMs.

UTI Bank: UTI Bank was the first of the new private banks to have begun
operations in 1994, after the government of India allowed new private banks to be
established. The Bank was promoted jointly by the Administrator of the specified
undertaking of the United Trust of India (UTI-I), Life Insurance Corporation of India
(LIC) and General Insurance Corporation Ltd. and its associates viz. National
Insurance Company Ltd., The New India Assurance Corporation, The Oriental
Insurance Corporation and United Insurance Company Ltd. The bank today is
capitalized to the extent of Rs.278.12 crores with public holding at 56.18 %. The
bank’s registered office is at Ahmedabad and its central office is at Mumbai. The
bank has wide network of more than 350 branch offices and Extension Counters. The
Bank has network of over 1657 ATMs providing 24hrs a day banking convenience to
its customers. The bank was setup with capital of Rs.115 crore, with UTI contributing

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Rs.100 crore, LIC-Rs.7.5 crore and its four subsidiaries contributing Rs. 1.5 crore
each.

HDFC Bank: HDFC Bank is headquartered in Mumbai. The Bank at present has
an enviable network of over 495 branches spread over 218 cities across India. All
branches are linked on an online real-time basis. Customers in over 120 locations are
also serviced through Telephone Banking. The Bank’s expansion plans take into
account the need to have a presence in all major industrial and commercial center’s
where its corporate customers are located as well as the need to build a strong retail
customer base for both deposits and loan products. Being a clearing/settlement bank
to various leading stock exchanges, the Bank has branches in the center’s where the
NSE/BSE have a strong and active member base. The authorized capital of HDFC
Bank is Rs.450 crore (Rs.4.5 billion). The paid-up capital is Rs.309.9 crore (Rs.3.09
billion). The HDFC Group holds 22.2% of the bank’s equity and about 19.5% of the
equity is held by the ADS Depository. The Bank has made substantial efforts and
investments in acquiring the best technology available internationally, to build the
infrastructure for a world class bank.

1.4 Public Sector Banks:

● State Bank of India and its associate banks called the State Bank Group

● 20 nationalized banks

● Regional rural banks mainly sponsored by public sector banks.

Public Sector Banks (Nationalized banks):

1. State Bank of India (SBI)

2. State Bank of Bikaner & Jaipur
3. State Bank of Hyderabad
4. State Bank of Indore
5. State Bank of Mysore
6. State Bank of Patiala
7. State Bank of Saurashtra

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 8. State Bank of Travancore
9. Bank of India
10. Canara Bank
11. Central Bank of India
12. Corporation bank
13. Indian Bank
14. Indian overseas bank
15. Syndicate Bank
16. UCO Bank
17. Allahabad Bank
18. Andhra Bank
19. Bank of Baroda
20. Bank of Maharashtra
21. Dena Bank
22. Oriental Bank of Commerce
23. Punjab & Sind Bank
24. Union Bank of India
25. United Bank of India
26. Vijaya Bank
27. IDBI Bank.

1.5 ORIGINATION OF M-BANKING IN INDIA:

One of the most leading sectors in the world in the adoption of mobile
technology is the banking industry including India. India was depicted to be the
fastest growing mobile communications nation in Asia. Presently, banking industry of
India has engaged the use of Information and Communication Technology (ICT) as a
platform for effective and efficient means of conducting financial transactions. But,
banking sector of India found technology oriented financial services in the year of
1987 through the Automated Teller Machines (ATMs). It was installed by HSBC
bank, after 20 years completion of the execution process of cash dispensers for the
first appearance in the world made by Barclays bank in UK, 1967. To strengthen the

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banking sector, financial reforms were initiated as a part of the economic reform
started in India since 1991 onwards. Reforms were introduced in two phases, based on
the report of Narasimhan committee in the year of 1991 and 1997. The second
committee report, suggested whatever program required by the banking sector
reforms and make it in the India’s banking system to become internationally
competitive. This suggestion also helped to making fast development of
technological-oriented financial services provided by the bankers to their customers in
the past two decades. In recent days, finance-related services that are offered by
employing mobile telecommunication technologies are generally referred to as m-
banking technology-enabled financial information or services (Tiwari. R, et.al). So,
the first m-banking and payment initiatives were announced during 1999.

The first bank to provide mobile banking facilities in India was ICICI bank in
the year 1999, followed by HDFC bank and IDBI bank. Self-service Technological
advances have reshaped the size and nature of the financial industry, allowing it to
extend beyond the traditional to modern concept of saving and borrowing through
extension of the technological progression in the banking sector. The terms m-
banking, m-finance, m-transfers and m-payments refer to the inter-services between
customers and bankers. Now, m-banking development is a next generation of
electronic banking which delivers financial services when the customers use their
handheld devices to access their accounts and pay their bills from a bank which
operates their account without having to physically visit their bank. In recent days,
mobile banking is performed between bankers and its customers in the form of Short
Message Service (SMS) or the Mobile Internet for the purpose of attaining higher
levels of customer satisfaction and increased loyalty by providing 24X7 facilities and
bankers will benefit further from reduced administrative expenses, lesser number of
branches and lower handling charges with better service to the customers than branch
banking. However, around the globe various IT initiatives developed by the bankers
and use the mobile phone to provide financial services without access to traditional
banks. Innovations in mobile technology the banks are conduct fast paced demands
among the various group of peoples or customers in the 21st Century through the
high-quality of response and m-banking which is an integral part of m-commerce has
become very popular among mobile users ever since its existence in 2007.

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 The success of m-banking services depends upon the mobile network operator,
m-banking technology vendor, bank and the customer. Further, m-banking has great
deal of capabilities to offer value-added service, transformation of information and
decision-making services to the organization. M-banking is a type of m-commerce
service since it allows consumers to perform the following technology-enabled
financial information availed from the banks through the mobile device. Therefore,
the Government of India and the Reserve Bank of India (RBI) encourage banks to
provide banking facilities to those peoples through m-banking technology. In the year
2008, the RBI issued m-banking guidelines to the banks. This disqualifies mobile
network operators from offering their own service.

1.6 TYPES OF MOBILE BANKING SERVICES:

M-banking allows banks to offer a range of financial services to customers.

From accessing account information to utilizing transaction, investment, loan, and
support services, m-banking has assumed all roles traditionally requiring the help of a
bank representative. Mobile banking services can be categorized into the following:

A. Account Information Access:

1. Mini-statements and checking of account history.

2. Alerts on account activity or passing of set thresholds.
3. Monitoring of term deposits.
4. Access to loan statements.
5. Access to card statements.
6. Mutual funds / equity statements.
7. Insurance policy management.

B. Funds Transfer:

1. Paying third parties, including bill payments and third-party fund transfers.
2. Fund transfers between customer-linked accounts.
3. Fund transfers to other accounts.
4. Bill payments.
5. Credit card payments.

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C. Investments:

1. Portfolio management.
2. Real-time stock quotes.
3. Personalized alerts and notifications on security prices.

D. Support Services:

1. Status of requests for credit, including mortgage approval, and insurance

coverage.
2. Check (cheque) book and card requests.
3. Exchange of data messages and email, including complaint submission and
tracking.
4. ATM Location.
5. Loan Application.

E. Content and News:

1. Content services provide news related to finance and the latest offers by the
bank or institution.
2. Loyalty-related offers.

1.7 MOBILE BANKING FOR CHILDREN:

RBI, in May 2014, allowed banks to let minors above the age of 10 years open
and operate bank accounts independently. The minors can open a savings, fixed or
recurring bank deposit account. These accounts also offer debit card and cheque book
facility. Some banks like State Bank of India and ICICI Bank even offer mobile-
banking services to these accounts.

1.8 THE IMPORTANCE OF MOBILE BANKING:

Mobile banking allows consumers to be able to access banking services from

anywhere. Businesses and business owners are now able to save time by making use

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of mobile applications to process their payments or even receive funds from clients
directly to their phone numbers. It is particularly popular among small to medium-
sized enterprises (SMEs).
With mobile technology, banks are able to cut down on operational costs
while still maintaining client satisfaction. The fact that any client of a bank can make
use of their app to request a service, such as opening an account or even the ability to
schedule debit orders or other payments from an application, allows for larger
transactional volumes, eventually driving business growth.

1.9 POSITIVE IMPACT OF MOBILE BANKING:

A. Cost Reduction:

The biggest advantage of mobile banking offers to banks is that it drastically

cuts down the costs of providing service to the customers. For service providers,
Mobile banking offers the next surest way to achieve growth. Countries like India
where mobile penetration is nearing saturation, mobile banking is helping service
providers increase revenues from the now static subscriber base. Service providers are
increasingly using the complexity of their supported mobile banking services to
attract new customers and retain old ones.

B. To Control Fraud:

A very effective way of improving customer service could be to inform

customers better. Credit card fraud is one such area. A bank could, through the use of
mobile technology, inform owners each time purchases above a certain value have
been made on their card. This way the owner is always informed when their card is
used, and how much money was taken for each transaction.

C. Reminder Facility:

Similarly, the bank could remind customers of outstanding loan repayment

dates, dates for the payment of monthly installments or simply tell them that a bill has
been presented and is up for payment. The customers can then check their balance on
the phone and authorize the required amounts for payment the customers can also
request for additional information. They can automatically view cheque or issue of a

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cheque book over one’s mobile phone. deposits and withdrawals as they occur and
also pre- schedule payments to be made or cheques to be issued. Similarly, one could
also request for services like stop.

D. Easy to avail Mobile Services:

A mobile is almost always with the customer. As such it can be used over a
vast geographical area. The customer does not have to visit the bank ATM or a branch
to avail of the bank’s services. Research indicates that the number of footfalls at a
bank’s branch has fallen down drastically after the installation of ATMs. As such with
mobile services, a bank will need to hire even less employees as people will no longer
need to visit bank branches apart from certain occasions. The use of mobile
technologies is thus a win-win proposition for both the banks and the bank’s
customers. The banks add to this personalized communication through the process of
automation.

E. Security features:

Customer will receive the alerts only in the mobile number, which he has
registered with bank. Moreover, the sensitive information such as account number is
not sent as a whole. But only the last six digits and account type will be sent to the
customer. The customer can receive his account balance and transactions only when
the request is received from the mobile phone number registered with us and duly
authenticated by the 4-digit Code Number, which will be provided when PULL Alert
services are introduced. The mobile phone number and the Code number from which
the service is accessed will serve as a User ID and password for authentication. The
Code number has therefore to be kept confidential.

1.10 NEGATIVE IMPACT OF MOBILE BANKING:

A. Security:
Security experts generally agree that mobile banking is safer than computer
banking because very few viruses and Trojans exist for phones. That does not mean
mobile banking is immune to security threats, however Mobile users are especially
susceptible to a phishing-like scam called "smashing." It happens when a mobile
banking user receives a fake text message asking for bank account details from a
hacker posing as a financial institution. Many people have fallen for this trick and had

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money stolen through this scam. Online banking is usually done through an
encrypted connection so that hackers cannot read transmitted data, but consider the
consequences if your mobile device is stolen. While all banking applications require
passwords, or use you to enter a password or PIN, many people configure their mobile
devices to save insecure passwords and PINs that are easy to guess.

B. Compatibility:
Mobile banking is not available on every device. Some banks do not provide
mobile banking at all. Others require you to use a custom mobile banking application
only available on the most popular smart phones. Third-party mobile banking
software is not always supported. If you do not own a smart phone, the types of
mobile banking you can do are usually limited. Checking bank account balances via
text message is not a problem, but more advanced features such as account transfers
are generally not available to users of "dumb phones."

C. Cost:
Network service charges quickly add up. The cost of mobile banking might
not appear significant if you already have a compatible device, but you still need to
pay data and text messaging fees. Some financial institutions charge an extra fee for
mobile banking service, and you may need to pay a fee for software. These extra
charges quickly add up, especially if you access mobile banking often.

1.11 CHALLENGES WITH ADOPTION OF MOBILE BANKING:

A. Economic Challenges:

The rural population in India is spread across 600,000 villages, each with a
low transaction value. Profitability can only be achieved by large volumes, requiring
significant initiative from financial institutions. Unlike the very successful M-PESA
of South Africa, whose model has been very successful due to the lack of alternative
payments in South Africa, India does possess some infrastructure in the forms of
postal payments, reasonable transport and local governments. Therefore, any mobile
banking must be inexpensive enough to be attractive for the end-customer over
existing methods.

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B. Regulatory Challenges:

Although the RBI is supportive towards mobile banking in India, there are
many regulations that are being put into place:

i. Restricted to Financial Institutions: The guidelines state that only existing

financial institutions and banks are allowed to offer mobile banking. Although the
guidelines cover Microfinance Institutions (MFIs), significant existing large fixed
costs. For a very inexpensive solution, it would have been more effective to allow
non-profit organizations or evangelical organizations to build their own MFI without
being encumbered by large existing infrastructure.
ii. Rupee Transactions: All transactions must be done only in India’s national
unbanked customers in India. currency, the rupee. While this may not be a threat in
the beginning, this may pose a constraint for interoperability between Indian mobile
payments and the world. Also, it excludes providers from the lucrative remittance
market in India and limits areas from which mobile operators can be profitable.
iii. Existing Account Holders: The guidelines also state that only those having
a valid bank account would be allowed mobile banking. This limits the full potential
of mobile banking to extend micro-credit and bring banking to the large number of
unbanked customers in India.

C. Demographic Challenges:

India has 18 official languages which are spoken across the country. The state
governments also are dictated to correspond in their regional language for official
purposes. Additionally, two-thirds of the population in India is illiterate, creating
difficulties in deployment of mobile banking solutions. For a pan Indian mobile
banking solution, this will be cumbersome to overcome.

D. Security:

As with most internet-connected devices, as well as mobile-telephony

devices, cybercrime rates are escalating year-on-year. The types of cybercrimes which

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may affect mobile-banking might range from unauthorized use while the owner is
using the mobile banking, to remote-hacking, or even jamming or interference via the
internet or telephone network data streams. This is demonstrated by
the malware called SMSZombie.A, which infected Chinese Android devices. It was
embedded in wallpaper apps and installed itself so it can exploit the weaknesses of
China Mobile SMS Payment system, stealing banks credit card numbers and
information linked to financial transactions. A malware discovered recently was
the Trojan called Bankbot. It went past Google's protections in its Android app
marketplace and targeted mobile banking customers on Android devices worldwide
before its removal by Google in September 2017.
In the banking world, currency rates may change by the millisecond. Security
of financial transactions, being executed from some remote location and transmission
of financial information over the air, are the most complicated challenges that need to
be addressed jointly by mobile application developers, wireless network service
providers and the banks' IT departments.
One-time passwords (OTP) are one tool used by financial and banking service
providers in the fight against cyber fraud Instead of relying on traditional memorized
passwords, OTP are requested by consumers each time they want to perform
transactions using the online or mobile banking interface. When the request is
received, the password is sent to the consumer's phone via SMS. The password is
expired once it has been used or once its scheduled life-cycle has expired.

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1.12 REVIEW OF CURRENT OPERATING PRACTICES OF COMMERCIAL
BANKS IN INDIA:

i. Activities and Primary Functions of Commercial Banks:

A. Deposit Acceptance: Being a short-term credit dealer, the commercial banks
accept the savings of public in the form of following deposits

❖ Fixed term deposits

❖ Current A/c deposits

❖ Recurring deposits

❖ Saving A/c deposits

❖ Tax saving deposits

❖ Deposits for NRIs.

B. Lending Money: A second major function is to give loans and advances and
thereby earn interest on it. This function is the main source of income for the
bank.
C. Overdraft facility: Permission to a current A/c holder of withdrawal more
than to what he has deposited.
D. Loans & advances: A kind of secured and unsecured loans against some kind
of security. Discounting of bill of exchange: in case a person wants money
immediately, he/she can present the B/E to the respective commercial bank
and can get it discounted.

E. Cash credit: Facility to withdraw a certain amount of money on a given

security.

ii. Secondary Functions of Commercial Banks:

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 Agency functions: Bank pays on behalf of its customers as an agent and gets
paid fee for agency functions such as:

❖ Payment of taxes, bills

❖ Collection of funds through bills, cheques etc.

❖ Transfer of funds

❖ Sale-purchase of shares and debentures

❖ Collection/Payment of dividend or interest

❖ Acts as trustee & executor of properties

❖ Forex Transactions

❖ General Utility Services: locker facility.

1.13 MOBILE BANKING AND SECURITY ISSUES WITH WAP (WIRELESS

APPLICATION PROTOCOL):

WAP is used for communication between devices like digital mobile phones,
internet, PDA etc. Through WAP customer can realize more functionality of internet
banking. Encryption process is currently used for secure data transmission between
bank and users but the problem is that this encryption process is not good enough for
the protection of sensitive data between bank and customer. The reason is that
security methods require more powerful computing and high storage capacity. If we
take internet banking it is realized that there are powerful computer systems and well
defined complex encryption process to ensure the security. Mobile device have low
computational capacity and hence we are unable to apply complex cryptographic
system Due to advancement in technology, it is now necessary to provide end-to-end
security. It means that if user uses his/her mobile device for mobile banking then the
data transacted are secure at the bank end and not at the user end, thus leaving the data
vulnerable to attacks. It was noted that it is difficult to provide end to end security
through WAP.

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1.14 SMS BASED MOBILE BANKING:

SMS based mobile banking is a convenient and easy way for accessing bank
but there are end-to-end security problems. These problems exist in SMS, GPRS
protocols and security issues for transaction of money. Today, most of the banks in
the world offer SMS based mobile banking. If we take any mobile banking system,
we can realize that customers also interact with databases, files and important records
through mobile phone. Currently South Africa, Bangladesh and some other countries
are also doing SMS based mobile banking. Currently in South Africa the standard
bank uses WIG and FNB bank uses SMS based approach for mobile banking. In this
scenario, the user sends PIN number to the bank’s server and then the server is ready
for accepting the requests. This approach is not fully secure because the data is
transmitted and the network operator has full access to the data.

1.15 VIRUS ATTACKS IN MOBILE BANKING:

There are more than fifty thousand different types of computer viruses,
internet malicious program and Trojans. Software like Trojan horses can easily take
up password on the web browser or any cached information on operating system.
Malicious codes are written for remote communication. Zeus Trojan targeted mobile
bank users. Gitmo has been used by attackers to defect SMS banking. Zeus is
commonly used to steal mobile transaction authentication number or password.

1.16 RISK WITH DIGITAL SIGNATURE:

To reduce hardware cost, designer may prefer digital signature. Digital

signature is efficient that’s why most companies are interested in digital signature for
authentication. It is founded that digital signature is computationally intensive. With
unsigned values for example date, amount, they differed from transaction to
transaction. So, a signed template can be used with several unsigned values like date,
amount etc.

1.17 M-BANKING ADVANTAGES AND DISADVANTAGES:

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 Like every other technology, m-banking can be advantageous as well as
disadvantageous to customers. Therefore, one must know its pros and cons to stay
safe.

ADVANTAGES

⮚ Offers 24-hour accessibility to banking

⮚ Saves time

⮚ Provides a convenient way of making fund transfers and payments

⮚ Enables easy tracking and monitoring of bank accounts

⮚ Facilitates quick reporting of any illegal transaction or fraudulent activity

⮚ Allows swift redressal of consumer complaints

⮚ Increase request processing speed

⮚ Makes online shopping possible

⮚ Allows trouble-free management of investments

⮚ Sends notification of bill or loan payments

⮚ Encourages customers to stay indoors during a pandemic

⮚ Eliminates the need to carry cash all the time

⮚ Reduces chances of theft

DISADVANTAGES:

⮚ Causes inconvenience for less tech-savvy account holders

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 ⮚ Removes human touch from banking

⮚ Raises security concerns and online fraud

⮚ Results in delays or losses in transactions due to mistakes

⮚ Gives rise to comprehension issues due to the complex app interface

⮚ Makes follow up on fraud reports difficult

⮚ Delays service requests in case of internet issues

1.18 MOBILE BANKING VS INTERNET BANKING:

M-banking and internet banking both are online modes of conducting banking
transactions. Both are beneficial to the customers. Customers can use both methods to
perform essential banking services. Nevertheless, there are certain differences as
listed below:

No. Mobile Banking Internet Banking

1. It is performed by using a mobile It can be accessed using a desktop

device. or laptop.

2. It is based on an app curated by the

bank to be used on mobile devices by
It does not require any such app.
the customers

3. It is conducted using SMS, phone, Customers only need a web

USSD, or an app. browser to access internet or
online banking.

4. Account-holders can use mobile- Internet banking requires an

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 based banking without an internet internet connection.
connection also.

5. It is more convenient to use. It is less convenient to use.

6. The mobile app for banking is less Online banking is more secure as
secure due to unseen loopholes in it uses HTTPS secure gateway,
coding which is difficult to hack.

7. It provides limited banking It gives a full range of access to

functionality. banking services to the customer.

8. It is easily available to everyone It can be used only by people

having a smartphone and is having desktops or laptops, which
affordable are costly.

1.19 TYPES OF BANKS

Central Bank:

The Reserve Bank of India is the central Bank that is fully owned by the
Government. It is governed by a central board (headed by a Governor) appointed by
the Central Government. It issues guidelines for the functioning of all banks operating
within the country.

Co-operative Sector:

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 The co-operative sector is very much useful for rural people. The co-operative
banking sector is divided into the following categories.

⮚ State co-operative Banks

⮚ Central co-operative banks

⮚ Primary Agriculture Credit Societies

Development Banks/Financial Institutions:

● IFCI

● IDBI

● ICICI

● IIBI

● SCICI Ltd.

● NABARD

● Export-Import Bank of India

● National Housing Bank

● Small Industries Development Bank of India

● North Eastern Development Finance Corporation

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 2. RESEARCH METHODOLOGY

INTRODUCTION:
This chapter focuses on the methodology & the techniques used for the
collection, classification & tabulation of data. It light on the research problem, the
objective of study & its limitations.

Research methodology is considered as the nerve of the field work or any

project. Without proper well organized research plan, it is impossible to complete the
project and reach to any conclusion.

The project was based on the survey plan. The main objective of survey was to
collect appropriate data, which work as a box for drawing conclusion and getting
result. Therefore, research methodology is the way to systematically solve the search
problem.

Research methodology not only talks of the methods but also logic behind the
methods used in the context of a research study and it explains why a particular
method has been used in the preference of the other methods.

Exploratory research includes the reviewing and analysis of the articles,

research papers, interviews and other published information in order to gain a deeper
understanding of the prevailing scenario.

Research methodology is a way to systematically study the research problem.

It explains the statement of the research problem, objectives, chapter scheme, need,
scope, hypothesis, source, period and sample of study.

Also, the statistical tools and techniques which are used to analyze the data
have been discussed. Indian banking sector tremendously moving towards
Digitalization. Cooperative Banks are making remarkable contribution towards the

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achievements of objective of financial inclusion.

After in-depth study of literature on UCB and other cooperative banks, it was
clear that there is huge scope for study in the area of the banks fund management and
treasury management activities which happens as a daily routine work in all the banks.
There are better opportunities available for the banks to conduct their investment and
sourcing of funds in increasing the mobility of funds to make much profit. But still
these cooperative banks are restricted themselves in to specific area of business and
this has to be promoted well to develop the UCB’s so that they can compete with the
other commercial banks

These banks focus on reaching towards small merchants and low-income

group of people. Even though RBI has taken many initiatives to reach all the sectors
of people, to make India, a cashless economy, the complete knowledge about banking
services is very much essential for the people. The research methodology under the
present study is summarized below:

TOPIC CHOSEN FOR THE STUDY:

“A STUDY ON MOBILE BANKING IN INDIA”

PERIOD OF RESEARCH:

Period of six weeks.

2.1. OBJECTIVES OF THE STUDY:

⮚ The main objective of this paper is to study of analyze the mobile banking in

India and practices and challenges in mobile banking.

⮚ To study the perceived utility of various Mobile banking services.

⮚ To suggest ways to improve the usage of Mobile Banking.

2.2 STATEMENT OF THE PROBLEM:

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2.3 NEED OF THE STUDY:

⮚ To attain knowledge on Mobile Banking in India.

⮚ To know the perception of customers towards All Bank’s in India.

⮚ To study the satisfaction level of customers towards services and products

offered to them.

⮚ To study the problems faced by the customers.

⮚ To improve customer service.

2.4 LIMITATIONS TO THE STUDY:

⮚ Difficulty in getting responses from the respondents.

⮚ The sample size is limited.

2.5 METHODOLOGY AND SOURCES OF DATA:

Research methodology is a way to systematically solve the problem. It is a

game plan for conducting research. In this we describe various steps that are taken by
the researcher.

“All progress is born of inquiry. Doubt is often better than overconfidence, for
it leads to inquiry and inquiry leads to invention.”

Research in a common parlance is a search for knowledge. Research is an art

of scientific and systematic investigation. Thus, research comprises defining and
redefining problems, formulating hypothesis or suggested solutions; collecting,
organizing and evaluating data, making deductions and reaching conclusions.
Research methodology is the arrangement of condition for collection and analysis of
data in a manner that aims to combine relevance to the research purpose with

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economy in procedure. Research Methodology is the conceptual structure within
which research is conducted. It constitutes the blueprint for the collection
measurement and analysis of the data.

Research methodology is a framework for the study and is used as a guide in

collecting and analyzing the data. It is a strategy specifying which approach will be
used for gathering and analyzing the data. It also includes time and cost budget since
most studies are done under these two constraints. The research methodology includes
overall research design, the sampling procedure, the data collection method and
analysis procedure.

TYPE OF RESEARCH USED:

Descriptive Research In the study descriptive research design has been used.
As descriptive research design is the description of state of affairs, as it exists at
present. In this type of research, the researcher has no control over the variables he
can only report what has happened or what is happening.

Descriptive research designs are those design which are concerned with
describing the characteristics of particular individual or of the group. In descriptive
and diagnostic study, the researcher must be able to define clearly what he wants to
measure and must find adequate method for measuring it.

METHOD OF DATA COLLECTION:

After the research problem has been identified and selected the next step is to
gather the requisite data. While deciding about the method of data collection to be
used for the researcher should keep in mind two types of data i.e. primary and
secondary.

Types of Data

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 Primary Data

Table 1
Secondary Data

Primary data:

The primary data are those, which are collected afresh and for the first time,
and thus happened to be original in character. We can obtain primary data either
through observation or through direct communication with respondent in one form or
another or through personal interview.

Observation Interview Questionnaire Schedule

Method Method Method Method

Table 2

Secondary Data:

The secondary data on the other hand, are those which have already been
collected by someone else and which have already been passed through the statistical
processes. When the researcher utilizes secondary data then he has to look into
various sources from where he can obtain them. For e.g. books, magazine, newspaper,
internet, publications and reports.

In this study data have been taken from various secondary sources like:

⮚ Internet

⮚ Books

⮚ Newspapers

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 3. LITERATURE REVIEW

The mobile banking is defined as “the provision of banking services to

customers on their mobile devices” (Sharma, Prerna, Bamoriya & Preeti Singh, 2011).
Mobile Banking refers to provision and usage of banking and financial services with
the help of mobile telecommunication devices. Mobile banking is a system that helps
the customers to conduct a number of financial transactions with the help of their
mobile devices. Mobile commerce is a natural successor to electronic commerce.
Where a mobile device is used to initiate, authorize and confirm an exchange of
financial value in return for goods and services. Mobile devices may include mobile
phones, PDAs, wireless tablets and any other device that connect to mobile
telecommunication network and make it possible for payments to be made. The bank
provides mobile banking services to their customers, wishing to increase their
customer share by removing all the hurdles in the way of adoption of mobile banking
services The role of banking is very important in operating the business as well as
industry functions. As the Internet banking is still in its growing stage, mobile
banking has emerged as the next advance way of doing banking. The scope of offered

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services may include facilities to conduct bank transactions, to administer accounts
and to access customized information (Tiwari & Buse, 2007). In the broader sense
mobile banking as that type of execution of financial services in the course of which,
within an electronic procedure the customer uses mobile communication techniques in
conjunction with mobile devices (Pousttchi & Schurig, 2004). Mobile phones have
become an essential communication tool for almost every individual worldwide. In
India, where mobile subscribers far exceed fixed line subscribers because of better
mobile infrastructure in comparison to fixed line infrastructure has made mobile
banking much more appealing in India. Technology plays an important role in
banking sector. Mobile phone is a common technology device that became part of
every individual in the information era. Mobile Banking is an emerging alternate
channel for providing banking services. India is the second largest telecom market in
the world, which is having high potential for expanding mobile banking services.

4. DATA ANALYSIS AND INTERPRETATION

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Observation: -

As shown in the above pie chart 43.9 percent people are Female and 56.1 percent are
Male.

MALE FEMALE

56.1% 43.9%

Observation: -

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Occupations is an important factor in investment decision making process.

Student 54.9%

Employee 15.8%

Government Employee 11%

Business 7.3%

Entrepreneur 1%

Observation:

Daily 66.3%

Weekly 25.3%

Monthly 2.4%

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Rarely 2.4%

Never 3.6%

Observation:

Speed of transactions 22.9%

Access to account anytime, anywhere 38.6%

Security 36.1%

Incentives or rewards 2.4%

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 5.CONCLUSION

It is well recognized that mobile phones have immense potential of conducting

financial transactions thus leading the financial growth with lot of convenience and
much reduced cost. For inclusive growth, the benefits of mobile banking should reach
to the common man at the remotest locations in the country. For this all stakeholders
like Regulators, Govt., telecom service providers and mobile device manufactures
along with bankers need to make efforts so that penetration of mobile banking reaches
from high-end to low-end users and from metros to the middle towns and rural areas.
Inclusion of non-banking population in financial main stream will benefit all. There is
also need to generate awareness about the mobile banking so that more and more
people use it for their benefit. Research so far has outlined a diversity of thinking and
innovation that exists in the m- payments arena. Numerous solutions have been tried
and failed but the future is promising with potential new technology innovations.

The growth in mobile banking that has taken place in the country till date,
though has been rapid, is yet to reach the critical mass. It has the potential to be the
next wave of financial and technological innovation in banking by universalizing
access to banking service without jeopardizing prudential and regulatory framework
of the financial sector. The reason behind using it as a product to promote financial
inclusion is that although 70 years after independence, majority of population does
not have access to banking. The trend in Mobile Banking transactions has seen
dramatic rise post November 2016 demonetization, as large number of people started

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preferring mobile banking and other alternatives of digital payments and it has more
scope in the near future to achieve digital financial inclusion in India.

6. BIBLIOGRAPHY AND WEBLIOGRAPHY

1. https://en.wikipedia.org/wiki/Mobile_banking

2. https://corporatefinanceinstitute.com/resources/wealth-management/mobile-
banking/#:~:text=A%20Brief%20History%20of%20Mobile,was%20known
%20as%20SMS%20banking

3. https://www.wallstreetmojo.com/mobile-banking/#h-mobile-banking-
explained

4. https://www.shiksha.com/online-courses/articles/importance-of-mobile-
banking/

5. https://www.google.com/

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7.Annexure

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