FINO Launches FINO-MITRA To Exploit Mobile Banking In India

FINO (Financial Information Network & Operations Ltd.) has launched FINO-MITRA, a Mobile enabled banking solutions especially for rural masses. According to a research by FINO, Mobile Banking users has increased three times in India. Moreover 36% of population that are literate have mobile phones and have no access to credit.

http://www.fino.co.in/index.aspx

FINO-MITRA (Mobile Based Information and Transactions) is an end-to-end offerings for enabling micro-finance initiatives leveraging mobile as a platform which certainly serves a good purpose in rural and micro lending. This may also usher in financial upbringing for the needy in rural areas. CitiBank just recently launched mobile app for M-banking and was followed by Syndicate Bank on the app run.

Manish Khera, CEO, FINO said, “MITRA will ensure that FINO is able to reach out to a large segment of the 8 million rural subscribers of mobile phones who are deprived of basic banking facilities. Currently mobile enrollment is being done for NREGS where data is made available with pre-populated fields. The MITRA facilitates both as an enrollment and transaction device used by the FINO agents. This product enables the end user to use their mobile phones for banking transactions, as any-wallet and for other mobile enable commerce. Wide network of FINO enables the customer to access the services in seamless manner even if he moves to different parts of the city or country.”

FINO is currently engaged in various technology innovation for financial sector to serve the under-served and the unbanked sector.In India a large part of population still remains un-served. The connecting factor for them is the mobile phone which has seen huge increase in adaption in India. Thus services like this would have drastic effect on fulfilling the un-served banking needs of the population at the same time create financial revolution in the country.

WATBlog has been covering Mobile banking revolution in India and also reported the RBI increasing the cap on Mobile Transactions. The coverage has also been very elaborated when it comes to mobi commerce and Mobile based payment gateways in India.

Indian is also witnessing great upsurge in mobi commerce innovation as well as adoption of such services but requires to replicate hard core banking services on to mobile. Their is still a dearth of Mobile Banking awareness amongst the financial savvy consumers. The major facet till now has been the stupendous rise of Mobile subscribers and thus mobi le services in India.