In order to clear the final hurdle over the roll out of PM’s Jan Dhan Yojana from reaching the intended beneficiaries-- the poor -- as the current mobile banking system which is currently based on english language, the RBI’s implementing agency -National Payments Corporation of India (NPCI) is in talks with banks and mobile companies to launch mobile interface based on Hindi and regional languages.
As per sources in the Finance Ministry,:”The final implementation ofthe mobile banking interface will be in Hindi and regional languages and we are in talks with both the banks and telcos.” There has been a rrowing concern over the success of the PMJDY from reaching the targeted beneficiaries - the poor, as they would be unable to operate English based mobile banking nor afford a high-end mobile phones which are needed to carry the banking applications.
PMJDY aims at providing bank accounts in the country for every individual and is one of the most ambitious financial inclusion programme floated by any Government. “We are working towards a Hindi and regional based solution for mobile banking so the poor are able to operate the system,” AP Hota, CEO andMD of NPCI told The Pioneer. NPCI has used its Rupay gateway to provide financial access for mobile banking in the first phase of the Jan Dhan Yojana.
Documents available with The Pioneer show that the NPCI is also in talks with banks and telcos to simplify the procedure for the operation through the use of USSD mobile banking applications. it would also have simple codes like #99 wherein the subscriber will be able to access options like fund transfers and remit funds without much complications and involving just a code through the SMS.
It also holds that the SMS system would do away with the use of banking apps as well as costly android based phones which are needed for customers to download in order to carry out transactions. Moreover, it also does way with the requirement of GPRS or internet services and can, hence, work on cheaper mobile phones.
NPCI has all the major private and public banks under its fold to provide a financial gateway for mobile banking services. It has currently roped in 25 major public and private banks to carry out the services required under the PMJDY to reach the unbanked population of the country through mobiles. In the first phase of the Yojana, NPCI would be using its gateway Rupay to enable financial transaction forservices envisaged which includes a Rs 5000 overdraft facility Rs 1lakh accident cover and a Rs 30,000 llife cover to each savings account holder. It has also roped in HDFC Ergo to carry out the insurance services in the first phase.