Phone banking flourishes in Punjab

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Chandigarh, Jun 24: With everyone jostling on to the fast lane, people are relying more and more on cutting edge technologies to make their lives easier.

Keeping in step, Chandigarh's banks, both private and public, are all geared up to serve their customers using automation like never before.

A private bank here has started instant money transfer facility using mobile phones called the Obopay technology.

"Banking has become so convenient these days. With mobile banking facility available, you get mobile alerts where you can check your accounts on daily basis. Whatever debit and from where it has been done, you can check it sitting at home," said Preeti Malhotra, a customer.

If you are a cellphone user, you can either receive or transfer funds upto Rs 25,000 through SMS or use a mobile application download or web application having General Packet Radio Service (GPRS) connectivity. With so many private players coming in, the banking sector has become competitive offering more value added services to attract customers.

"I like it very much that we can deposit every little sum that we save. They just take a thumb impression. We don't even have to go anywhere," Arun, another customer said.

Multinational investment banks coming in hoards to India have given this thrust. The country's total market cap reached $1 trillion last year, up from just $280 billion five years ago. Not only the information technology sector, but also the financial sector is booming with the growth.

"The kind of banking in use, in countries like USA and European world will happen soon in our country. Internet banking is already here. Mobile banking is just being implemented in banks. We are the leaders in IT field. The young generation between 25-35 years is going to be hi-tech using facilities like online banking," said Rohtash Singh, circle head, Punjab National Bank, Chandigarh.


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