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Mobile banking will change banking in India: Pitroda

New Delhi, July 19 (IANS) Over 250,000 panchayats will soon be connected with broadband connections, Sam Pitroda, advisor to Prime Minister on public information, said here Monday.

‘We are planning to connect 250,000 panchayats through broadband. We want to bring fibre cable to majority of them,’ he said at a seminar on financial inclusion.

He said mobile 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.’

According to him, financial inclusion cannot be achieved without inclusive growth and 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 said.

Pitroda said he is trying to set up new platforms for the new generation.

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