What we need right now is the appropriate business delivery model which will facilitate taking the banking services to the doorsteps of the people at a lesser cost. The technology based solution would go a long way for achieving inclusive growth in India. India is experiencing an explosion in the use of mobile communication technology.
Mobile phone users now belong to all strata of society, spread across metropolitan, urban, semiurban and rural centres. Banks and financial service providers can leverage the advantage by reaching out to people through this medium for providing various financial and banking services. The mobile phone can function as a multi-application smart card, thus making banking services available to virtually every mobile phone owner.