India's National telecom backbone Bharat Sanchar Nigam Limited (BSNL), in association with National Payment Corporation of India (NPCI) is going to launch Mobile Banking (M-Banking) services on USSD for all GSM customers across the country. Customers can use this M-Banking service on USSD, without having GPRS or Internet on their GSM mobile handset. They just need to Dial USSD code *99# from their GSM mobile phone.
As per latest RBI guidelines, customers are allowed to transact up to Rs 5000 on daily basis. This service will be available in all telecom circles in India.NPCI provides mobile banking services to banks through its common application platform National Unified USSD Platform (“NUUP”) for aggregation of mobile banking transactions. NUUP connects Banks and Telecom Service Provider (TSPs), through which an interested Banks can provide’ mobile banking services on USSD, to their customers within any mobile operator’s network. NPCI acts as an aggregation platform provider for bringing the Banks and Telecom Service Providers together for the provisioning of Mobile Banking Services as specifically described in the TRAI directions and regulations.
BSNL subscribers would be able to access mobile banking services as specifically mentioned below.
- Cash deposit
- Cash withdrawal
- View account services (Balance enquiry and Mini statement - last 5 transactions)
- Transfer of funds from a Mobile linked bank account as per RBI’s guidelines for mobile banking and through an appropriate RBI - approved settlement system.
- Administrative transactions (For e.g. register mobile, request MMID, EBT mapper status, change pin, generate OTP)