Mobile will change banking in India

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Over 250,000 panchayats – the local governments at village or small town level – in India will soon be connected via broadband Sam Pitroda, advisor to India’s Prime Minister on public information, announced in July, speaking at a seminar on financial inclusion.

Pitroda added that m-banking is the next big challenge for government and it will change the nature of banking in India; “For the first time we are a country of 600 million connected people. However, we need to find out how we can use it for our benefit.”

Pitroda reckons that financial inclusion cannot be achieved without financial growth and insists every initiative should be directed at the rural poor. “If merchants, bank and operator can come together, they can develop a platform for mobile banking,” he was reported saying.