1961.23 million were transacted; a 300 % increase in volume and more than 200% in value terms as compared to 0.7 million transactions for close to Rs 616.19 million during February 2011. A little over 12.23 million bank customers have so far registered for mobile banking services. These numbers are not really heartening if we consider the following facts: i.
At the end of January 2012, the total wireless subscriber base was 936 million, which included 313 million subscriptions in the rural areas. ii. Only 55% of the people of India have deposit accounts. It is evident that mobile phones have reached more households than basic banking services.