Mobile Banking

About 2,00,000 new mobile banking Trojans installers (malware) were discovered in 2022, marking a two-fold increase from the previous year's figures, a new report revealed on Friday

Issues related to ATM/debit cards and mobile/electronic banking were the top grounds of complaints received at the Office of Banking Ombudsman (OBO) during April 1 to November 11, 2021, an RBI report said on Wednesday. The volume of complaints received under the Ombudsman Schemes/Consumer Education and Protection Cells during 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184, it said. Of these, 3,04,496 complaints were handled by the 22 Offices of RBI Ombudsman (ORBIOs), including the complaints received under the three erstwhile Ombudsman Schemes till November 11, 2021. Complaints related to ATM/ debit cards were the highest at 14.65 per cent of the total, followed by mobile/ electronic banking at 13.64 per cent. Around 90 per cent of the total complaints were received through digital modes, including on the online Complaint Management System (CMS) portal, email, and Centralised Public Grievance Redress and Monitoring System (CPGRAMS). Majority 66.11

A new version of the Trojan virus, SOVA, has reportedly targeted over 200 mobile banking and crypto apps and is stealing their login credentials, and cookies

This malware captures the credentials when users log into their net-banking apps and access bank accounts

Most Indian banks are falling behind customers' changing needs on their mobile apps, doing too little to help customers understand their spending and debts, a new report has revealed

In a move to boost financial inclusion, telecom regulator Trai has scrapped the charges levied on USSD messages, which are mostly availed by feature phone users, for transactions related to mobile banking and payment services. USSD is a mobile short code that enables financial and banking transactions even on feature phones. With immediate effect, the regulator on Thursday decided to scrap charges levied on USSD (Unstructured Supplementary Services Data) updates. USSD sends out text messages without requiring internet connection on a mobile phone. These text messages are different from SMSes and telecom companies frequently use the USSD technology to alert users about their balance after a call or a SMS. So far, the charge was 50 paise per USSD session. In a communication, Trai said no charges will be levied for USSD for mobile banking and payment service, and it has been implemented with immediate effect. The decision has been taken following consultations with the stakeholders,

More than eight in ten Indians with a bank account in Metro cities now use mobile banking apps that saw a surge amid the Covid-19 pandemic, according to a new report.

In the past too, the lender, on multiple occasions, has faced outages with regards to mobile banking, internet banking, and other platforms

"Customers can now use NetBanking and mobile banking app for transactions. We regret the inconvenience and thank you for your patience," HDFC Bank tweeted.

Mobile banking has indeed emerged as a way to end financial exclusion, a chronic problem in all emerging markets

Vent frustration on social media; bank has faced similar issues in the past

Disposal rate of more than 92 per cent was achieved, according to the RBI

Online classes, mobile banking, railway bookings, e-medicine services take a hit

Out of 100 transactions at SBI, only 9 transactions are being made in branches

RBI needs to handle fintechs with care, so that innovation, necessary for inclusion and cost-effective, fast transactions, is not stymied

A recent report put the number of card and net banking frauds at 1,367 in FY17, about 2,127 in FY18, and 1,477 in FY19

The bank's customers couldn't access these services from 10 am on Monday to early Wednesday morning. Many tweeted saying they could neither access their salaries nor make recurring payments

The drive towards mobile is taking customers away from internet banking, but the overall pie of digital continues to grow

Volume in mobile banking for all banks in April, May, June stood at 106.27 mn, 114.26 mn, 115.73 mn

This is part of the government's efforts to boost the digital payment system