Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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New MD & CEO appointed in Two Public Sector Banks

Two major public sector banks, Indian Bank and Punjab National Bank, have had their leadership changes authorized by the Appointments Committee of the Cabinet (ACC), the government said in two separate orders.Ashok Chandra, who is now Canara Bank's executive director, was named PNB's managing director and chief executive officer (MD & CEO) for a three-year term.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Ashok Chandra (DoB: 16.12.1968), Executive Director (ED), Canara Bank as Managing Director and Chief Executive Officer (MD&CEO), Punjab National Bank (PNB), for a period of three years w.e.f. the date of assumption of charge of the office, or until further orders, whichever is earlier," the order said.

Read More - Top 10 Government Banks in India 2024

The new MD and CEO of Indian Bank is Binod Kumar, the Executive Director of PNB.After a performance assessment, Kumar, who was hired for a three-year tenure, may be eligible for a two-year extension.

After the Reserve Bank of India (RBI) allegedly made disparaging statements about the top executive, the Financial Services Institution Bureau (FSIB) revoked its previous recommendation, which was followed by his hiring.

"Appointment of Shri Binod Kumar (DoB: 01.01.1971), Executive Director, Punjab National Bank as Managing Director and Chief Executive Officer, Indian Bank for a period of three years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," stated the order.

The reports that the FSIB recommended Asheesh Pandey, executive director of Bank of Maharashtra, for the top job at Indian Bank in April 2024. The banking regulator then wrote to the finance ministry, requesting that it take its observations into account when assessing Pandey's candidacy.

According to the RBI, Asheesh Pandey's "behavior and conduct" during a supervisory findings exit meeting was "found not befitting his position and responsibilities concerning regulatory compliance."

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Punjab National Bank (PNB) Q2FY25 Net profit increases 145%

Punjab National Bank (PNB) reported a substantial 2.5x year-on-year surge in its standalone net profit to Rs 4,303.5 crore for the quarter ending September 2024, compared with Rs 1,756.1 crore in the same period a year earlier. The jump in profit was helped by an over Rs 3,150-crore fall in new provisions recorded during the quarter, while the interest income surged and asset quality improved.

The PSU bank’s NII for the July-September quarter rose by 6 percent year-on-year to Rs 10,517 crore, up from Rs 9,923 crore last year.

The new provisions and contingencies recorded during the quarter fell sharply to just Rs 288 crore from Rs 3,444.2 crore, boosting the public sector lender’s bottomline.

PNB's gross NPA ratio improved to Rs 4.48 percent at the end of September, from 4.98 percent at the end of June. Net NPA ratio too improved to 0.48 percent from 0.6 percent in the preceding quarter.

The new provisions and contingencies recorded during the quarter fell sharply to just Rs 288 crore from Rs 3,444.2 crore, boosting the public sector lender’s bottomline.

PNB's gross NPA ratio improved to Rs 4.48 percent at the end of September, from 4.98 percent at the end of June. Net NPA ratio too improved to 0.48 percent from 0.6 percent in the preceding quarter.

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Karnataka Orders Closure of all Government Accounts in two PSU banks due to Alleged Fraud

 

On Wednesday, the Karnataka government took a significant step by ordering all state departments to close their accounts in the State Bank of India (SBI) and Punjab National Bank (PNB). This decision comes as a response to allegations of misappropriation of funds.

The Karnataka government has directed all departments, public enterprises, corporations, local bodies, universities, and other institutions to close their accounts with SBI and PNB immediately. The order, issued in a circular dated August 12 by PC Jaffer, the Secretary of Budget & Resources in the Finance Department, and approved by Chief Minister Siddaramaiah, specifies that no further deposits or investments should be made in these banks.

The deadline for compliance with this directive is set for September 20.

The decision follows reports of two major fraudulent transactions:

Mismanagement of Fixed Deposit at PNB: A fixed deposit of Rs 25 crore was made at PNB’s Rajajinagar branch by the Karnataka Industrial Area Development Board on September 14, 2011. Despite the deposit term ending, PNB allegedly released only Rs 13 crore. Efforts to resolve this issue over the past decade have been unsuccessful.Fraudulent Use of Deposit at SBI: A Rs 10 crore fixed deposit made by the Karnataka State Pollution Control Board at the former State Bank of Mysore, now part of SBI, was allegedly misused to settle loans for a private company using forged documents. Attempts to recover this amount have also failed.

A senior government official told that the banks have claimed the matter is sub judice, but this has not stopped the State Public Accounts Committee from deciding to halt business with these banks. The government has issued the circular to withdraw deposits and is awaiting a response from the banks, which have requested additional time to address the issues.

This move comes amid a heated political climate in Karnataka, with the BJP-led opposition clashing with the Congress-ruled state government. The controversy has intensified following the exposure of an alleged fund transfer scam involving the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Ltd. A suicide note from Chandrashekhar P, the corporation’s accounts superintendent, revealed details of the alleged scam, adding fuel to the political fire.

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Punjab National Bank(PNB) posts Q1 Results 159% surge in net profit

Punjab National Bank (PNB) on Saturday reported more than two-fold jump in standalone net profit at Rs 3,252 crore for June quarter FY25 helped by decline in bad loans and improvement in interest income.

The state-owned bank had posted a net profit of Rs 1,255 crore for the year-ago period. Total income in the quarter rose to Rs 32,166 crore from Rs 28,579 crore, PNB said in a regulatory filing.

The lender's interest income also increased to Rs 28,556 crore from Rs 25,145 crore in the same quarter a year ago.

Gross Non Performing Assets (NPAs) declined to 4.98 per cent of gross advances by June 2024 from 7.73 per cent in the same quarter a year ago.

Net NPAs too declined to 0.60 per cent from 1.98 per cent.

As a result, provisions for bad loans came down drastically to Rs 792 crore in April-June FY25 as against Rs 4,374 crore in the year-ago period.

On a consolidated basis, the bank reported a net profit of Rs 3,976 crore in the quarter under review as against Rs 1,342 crore a year ago.

The consolidated financial result of the bank comprises five subsidiaries and 15 associates. The capital adequacy ratio of the bank improved to 15.79 per cent at the end of June 2024 compared to 15.54 per cent in the year-ago period.

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This PSU bank will use Digital Technology for Transfer and Posting of Officers

Punjab National Bank(PNB) – one of the largest public sector banks in India is actively planning to use digital technology for transfer and posting of officers. Recently, PNB has launched ‘UDAAN’ portal to assess the performance of employees and as per the reports, transfers and postings would be determined and implemented through UDAAN portal and Circle Heads can only change 10% of such postings.

All India Punjab National Bank Officers’ Association has taken up this matter with the MD and CEO. AIPNBOA has requested the top management to address the shortcomings and issues that may arise due to use of technology in transfer and posting.

Performance Assessment Based on Tenure: Officer A was posted in a branch for eight months, during which the year-over-year performance declined. Officer B was then posted in the same branch for four months and managed to bring remarkable improvements. However, the digital system might unfairly penalize Officer B for the overall decline, failing to recognize the efforts and context of the shorter tenure. A more human-centric approach would consider the qualitative improvements and efforts made by Officer B during their tenure.

In cases where a branch manager has brought in significant business but faces a setback due to the withdrawal of a big-ticket deposit, the system would consider it as a performance issue. However, the Circle Head is aware of the manager’s capabilities.Quarterly Performance Reviews for Marketing Officers: Marketing officers often face issues when their performance is assessed quarter on quarter. A single bad quarter can skew their overall evaluation, disregarding external factors and cumulative progress made over a more extended period. A digital assessment system may not accurately capture the complexity of their work and the incremental improvements vital for long-term success.

Currently, officers are divided into two categories: those working in the field and those in administrative offices. If transfer and posting decisions are solely based on officers’ preferences, it would perpetuate a permanent divide. In the past, there was a practice of rotating officers between administrative offices and the field, allowing everyone to experience both aspects of the job. However, this practice has been abandoned, leading to one segment feeling dominant over the other.

These examples highlight the limitations of a digital approach in evaluating and managing human resources. What you think of this approach, let us know in the comment section.

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Punjab National Bank(PNB) Q4 Net profit zooms 160%

Punjab National Bank on May 9 reported a 160 percent surge in its net profit to Rs 3,010.27 crore in the fourth quarter of the financial year 2023-24.On a sequential basis, the state-run lender's net profit zoomed 35 percent.

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In the reporting quarter, the bank's gross non-performing assets (NPA) ratio stood at 5.73 percent, as against 6.24 percent a quarter ago, and 8.74 percent last year.

Its net NPA stood at 0.73 percent as on March 31, 2024, as against 0.96 percent in the previous quarter and 2.72 percent in the year-ago period.

In absolute terms, gross NPA declined by Rs 20,985 crore to Rs 56,343 crore as on March 2024 from Rs 77,328 crore as on March 2023. Net NPA declined by Rs 15,786 crore from March 2023 to Rs 6,799 crore as on March 2024.

Provision Coverage Ratio (including TWO) improved by 849 basis points (bps) on-year to 95.39 percent as on March 2024. Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9 percent from 70.8 percent in March 2023.

Slippage ratio improved on-year by 159 bps to 0.72 percent in FY24 from 2.31 percent in FY23.

Savings Deposits increased to Rs 4.80 lakh crore registering a on-year growth of 3.5 percent. Current Deposits grew by Rs 3,565 crore as on March 2024 to Rs 72,201 crore on Quarter-on-Quarter basis.

CASA Deposits increased to Rs 5.53 lakh crore recording a on-year growth of 2.7 percent.

Total Retail credit increased by 12.6 percent to Rs 2.23 lakh crore in March 2024.

The bank grew impressively under Core Retail recording a on-year growth of 15.2 percent.

Within Core Retail Credit, Housing Loan grew by 14.5 percent to Rs 93,694 crore, vehicle loan posted a growth of 25.6 percent to reach Rs 20,692 crore, and personal loan increased by 14.4 percent to Rs 20,766 crore.

Agriculture Advances grew by 11.3 percent on-year to Rs 1.58 lakh crore and MSME Advances increased on-year by 7.0 percent to Rs 1.39 lakh crore in March 2024.

Domestic Net Interest Margin stands at 3.25 percent in Q4 FY24.

Global Yield on Advances improved on-year by 50 bps to 8.44 percent in Q4 FY24 and by 112 bps to 8.28 percent in FY24.

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BoB, PNB among 6 PSU banks with high NPAs

Non Performing asset (NPA) is a loan or advance for which the principal or interest payment has remained overdue for a period of 90 days or more. According to data from Trendlyne, SBI, Bank of Baroda, and PNB are among the 6 PSU banks that reported the highest NPAs in Q3 of FY24. Here's the list:

Bank of India(BoI)

The net NPA of Bank of India stood at 1.41% in Q3FY24, which is the highest among PSU Banks. The PE ratio of the stock is 9.66. Bank of India has a market cap of Rs 61,870 crore.

Union bank of India

Union Bank of India reported a net NPA of 1.08% in Q3FY24. The PE ratio of the stock is 7.74. The firm's market cap is at Rs 1,02,773 crore.

Punjab National Bank (PNB)

Punjab National Bank (PNB) reported a net NPA of 0.96% in Q3FY24. The PE ratio of the stock is at 17.76. Punjab National Bank's market cap is at Rs 1,35,490 crore.

Bank of Baroda(BoB)

The net NPA ratio of Bank of Baroda stood at 0.7% in the December quarter of FY24. The PE ratio of the stock is 7.3. It has a market cap of Rs 1,38,153 crore.

State Bank of India (SBI) 

The net NPA ratio of the State Bank of India (SBI) stood at 0.64% in Q3FY24. The PE ratio of the stock is 10.26. SBI has a market cap of Rs 6,65,731 crore.

Indian Overseas Bank(IOB)

Indian Overseas Bank reported a net NPA of 0.62% in the December quarter of FY24. The PE ratio of the stock is at 50.36, while its market cap is at Rs 1,26,457 crore.

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