According to the Reserve Bank of India (RBI), mobile-based banking has increased from Rs 0.91 billion in May 2011 to Rs 2.86 billion in May this year, say news reports.
The number of transactions has increased from 1.28 million in May 2011 to 3.34 million in May 2012. The growth in the banking transaction is a result of an increase in the mobile user base.
In line with the banking guidelines issued by the RBI, banks allow users to transfer funds without any cap. Banks also offer users information-based services on the handset. As of May 31, 2012, the RBI has permitted 69 banks to provide mobile banking services.
