Dial *99# access your bank account!!Coming soon

After few months, bank account holders will be able to access their accounts, transfer funds, check balances and request cheque books by simply punching in *99# from their mobile phones, including the most basic GSM handsets.

Some lenders have already rolled out similar services, *99# will be a universal code to access account details across all banks. What sets apart the *99# initiative from other mobile telephony services currently offered is that the *99# connectivity is under the Unstructured Supplementary Service Data (USSD) platform where each dial-in results in a live connection with the bank's server.

The system is similar to the system used in pre-paid phones to check balances. The user's numerical literacy would be enough to operate the account . Since it's not based on SMS or GPRS connectivity, there's no charge on the user.

Govt pushes mobile banking to boost reach
At the annual bankers' conclave (Bancon) in Pune on Saturday, finance minister P Chidambaram outlined the government's strategy to shift most transactions to the electronic mode. The mainstay of this strategy is to have Aadhaar-enabled bank accounts for all and to transfer government benefits such as pension, scholarships and subsidies directly to individual accounts. The government has set December 2013 as the deadline for banks to ensure that all beneficiaries have Aadhaar numbers linked to their bank accounts and to ensure that those without an account are given one.

Another part of the initiative is the electronification of kisan credit cards (KCCs). Although KCCs were launched way back in 1998, they were used more like identity cards until now. On Saturday, Bank of Maharashtra, hosts of Bancon 2012, became the first lender to issue a Rupay KCC—India's answer to Visa and MasterCard. This will provide KCC holders access to 1.04 lakh ATMs and enable merchant payments as well.Besides ensuring speedy transfers and reducing leakages , banks have a collateral benefit of these measures to eliminate cash. "The total cash in circulation is almost Rs 11 lakh crore; even if Rs 1 lakh crore would come into bank accounts, it would go a long way in augmenting resources of banks," said Pratip Chaudhuri, chairman , State Bank of India.

The government is pushing mobile banking because it will provide those in remote areas the opportunity to access their Aadhaar accounts even if banks are not around nearby.

The *99# service—the first time banks and telcos have come together at the industry level—is the brainchild of the National Payment Corporation of India (NPCI). According to AP Hota, MD & CEO, NPCI, the new service best suits India as it is simple and secure as no information is stored in the mobile device. "Ninety percent of phones used in the country are GSM handsets and this service works on all GSM phones, irrespective of make, cost, operating system or even the telecom service provider," said Hota. MTNL and BSNL have been the first to get on board.

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