BSNL to launch Mobile Banking in India

www.WirelessFederation.com/news: Mobile Money Transfer Services is set to be launched by India’s state owned telco, Bharat Sanchar Nigam Limited in participation with SBI and YES Bank on electronic platform.

Money orders could be send by the mobile subscribers electronically through text messages (SMS) with the help of this innovative plan. For this, the customers are required to go to the nearest post office and transfer the money by SMS. The receiver can collect the money by showing the unique code contained in the SMS to the post office in his locality.

The service has already been test piloted in Chandigarh and it will soon be rolled out after Reserve Bank’s approval.