Mobile banking will help achieve financial inclusion'

April 18, 2012

Mangalore, April 18: Mobile banking is the only vehicle that will help banks in the financial inclusion drive, Srikant Katti, Deputy General Manager, State Bank of India (SBI), has said.

He was speaking on “IT and banking: Challenges and prospects” as part of the national conference on “Information technology and its implications on the banking sector (NCITIBS 2012): challenges and prospects” organised by the Department of Postgraduate Studies in Commerce, University College, Mangalore, on Tuesday.

Mobile banking is the way forward because of its simplicity and it is up to banks to leverage it. It allows a person to carry his bank with himself.

Financial inclusion is a great opportunity to reach out to the underserved markets in rural and semi-urban areas.

It offers a big potential for business growth. Banks could use a judicious combination of technologies such as smartcards and mobile ATMs.

Another opportunity for banks to use technology is in e-governance. Everything in government is being digitised, with payments done through banks, and the sheer volumes involved will require IT, he said.

Cyber security is the biggest challenge to IT in banks. Increasing volumes of data in smaller storage space, higher costs and compliance regulations, maintaining data integrity and consolidating data from disparate systems are the other challenges.

“The last six to seven years have been a watershed in the banking technology vertical,” he said. In hindsight, it is difficult to believe that bank trade unions resisted computerisation two decades ago because banks today use the most complex technology.

Repetitive work and sheer volume make technology useful in banking industry. Banks can leverage social networking and micro-blogging sites to refine their products, get publicity and for feedback from customers.

Cloud computing is another technology that could be used but banks are hesitant about using it as they are sceptical about data security. But it may be considered after addressing the security issues, he said.

The core banking solution (CBS) has worked well with all data residing on it. It has successfully integrated ATMs, Net-banking, mobilephone banking, point-of-sale banking and rural banking. SBI has the biggest CBS platform with 17,000 branches networked on it. Now, regional rural banks are getting into the fold of CBS, he said.

N.K. Thingalaya, former Chairman and Managing Director of SyndicateBank, said that when he visited Barabanki in Uttar Pradesh, more people had mobile phones than bank accounts. He said the future of banking lay in that particular model because financial inclusion cannot be done from urban areas. Other than the capacity and willingness to save, there should also be the facility to save, he said.

B.R. Ananthan, Vice-Chancellor, Rani Channamma University, Belagavi, in his keynote address, said that IT should be taken to rural areas.

T.C. Shivashankara Murthy, Vice-Chancellor, Mangalore University, released a CD with excerpts from 100 papers presented on IT in banks.

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News Network
September 16,2024

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In a heart-breaking incident, 19-year-old Shaun D'Souza, a native of Vittalwadi in Udupi's Kundapur taluk, tragically lost his life in the UAE due to heat stroke.

Shaun, the beloved son of Elias Cyril D'Souza and Pramila D'Souza, originally from Hosabettu, Moodbidri, had been pursuing his college education in the UAE.

He was admitted to a hospital in Ras Al Khaimah, approximately 115 km from Dubai, after collapsing from heatstroke. Despite receiving immediate medical attention, Shaun breathed his last on Sunday, September 15. 

He is deeply mourned by his parents and two siblings. The family, who had been residing near St. Mary's Church in the UAE, are grappling with the profound loss. Shaun’s father, Elias, works as a manager for a private company, while his mother, Pramila, is an accountant.

The local community has come together to offer their support and condolences in this time of sorrow.

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September 20,2024

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Mandya: The Deputy Superintendent of Police of Nagamangala town in Mandya district has been suspended for "negligence and dereliction of duty" in connection with the clashes that broke out between two groups during a Lord Ganesh idol procession, police said on Friday.

This is the second suspension of a police officer over the clashes on September 11 following which mobs went on a rampage targeting several shops and vehicles leading to tension here.

The situation in the town has since returned to normalcy and most of the shops have started operating. However, adequate security forces continued to be stationed here as a precautionary measure, according to police.

Sumeeth A R, DySP (Nagamangala), was suspended on Thursday for negligence and dereliction of duty, Mandya Superintendent of Police Mallikarjun Baldandi told PTI.

"He (Sumeeth) was not present at the spot nor was he at the police headquarters when the incident occurred. He arrived late at the spot despite the sensitive nature of events," he said.

Earlier, Police Inspector Ashok Kumar posted at Nagamangala town police station was suspended for dereliction of duty in connection with the violence.

A total of 55 people have been arrested in connection with the incident.

According to police, an argument broke out between two groups, when the Ganesh idol procession by devotees from Badarikoppalu village reached a place of worship on September 11, and some miscreants hurled stones, which escalated the situation.

The police had used mild force to disperse the crowd to control the situation.

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September 14,2024

Mangaluru: The block level and District Congress Committee presidents in the state will be changed in the next one month for better reach into society and bring in organisational fortification, said Karnataka Pradesh Congress Committee working president G C Chandrasheker on Saturday.

The All India Congress Committee and KPCC have a vision for bringing a change in how the party works with the last man and woman in the state, he said at a press conference here.

"We are looking at bringing development models into the state with a new vision. We are a party that likes to work with the opposition in the developmental aspects and keep all other matters away that do not relate to the development of the state.

"We have a great respect for the people of the coast who are considered to be forward-looking and perceptible, but it is also true that we do not have the numbers in the upper house and in the Urban Local Bodies (ULBs)," he said.

"Our endeavour is to not only create a strong pro-development workforce at the base level by strengthening the second and third level leadership in the state," he said.

Chandrasheker, who is also a Rajya Sabha member, said that he and his four colleagues of the rank of working presidents of the KPCC are going to every district to infuse the new thinking in our workers and leaders.

"This move will get a new surge considering the party is facing byelections in Shiggaon, Chennapatna and Sandhur segments and also vacant seats in the legislative council, followed by elections to the Urban Local Bodies and Panchayats" he said.

When asked about the reason for the changes, Chandrashekar said most of the people have already lived their tenures. The party wants to reward those who have not been given tickets to contest in the 2023 state assembly elections and 2024 Lok Sabha elections for political reasons.

There are quite good leaders and hard-working ground level workers who have great potential to lead the party in the coming years, he said.

"Women will get at least one top post in all District Congress Committees and block levels. There is also a move to give responsible positions for the workers and leaders coming from different strata of society, which are deliverable. The party will not shy away from it," he said.

The other two working presidents, Dr Manjunath Bhandary and Vasanth Kumar, were also present at the press conference.

Kumar said some of the regions in the state are dominated by the BJP. "We want to end this run and defeat the divisive models of the BJP." Bhandary said the Indian National Congress was aiming at a high development phase in the state and involve the opposition parties and their leaders in the development plans in the state. 

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