Nokia and UBI drives m-banking

Nokia India and Union Bank of India aims to extend mobile financial inclusion services across the country. The duo kicks off Union Bank Money powered by Nokia' across India, starting with the National Capital Region. The service is already available to consumers in Gurgaon and will be extended to Delhi, Faridabad and Noida region and nationwide roll out will be done in next few months.

As part of this initiative, it will bring banking services to over 10 million customers across 32,000 villages by 2013. Nokia will supplement the existing 3000 UBI branches across the country with its network of retail outlets. Nokia retail outlets will serve as Business Correspondent agents for Union Bank Money services, in compliance with RBI guidelines. Prospective customers can register for the service, deposit money or withdraw cash from their accounts at these BC agents.

This service operates across all handsets in India. UBI customers in the no-frill category, the turnover will have an annual ceiling and prepaid card will have balance ceiling as per RBI guidelines. Customer who complete Other customers with KYC compliance can use the product without any restriction on turnover. The service will enable consumers to transfer money to other individuals, withdraw cash from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards (top-ups) by using their mobile devices, eliminating the need for intermediaries and delivering convenience