Financial services company, Wall Street Finance is also eyeing for mobile banking license in India. The company has decided to apply for approval from Reserve Bank of India for giving mobile banking related services in the country.

"With a fast increasing penetration of mobile telephony across India with over 650-million users and the upcoming launch of 3G and BWA, we envisage an ever-rising demand for mobile banking, where every banking activity from origination and transaction to fulfillment and settlement can be executed using a mobility device. This will lead to far greater convenience for the masses," WSFL's Chairman, Ashok Kumar Goyal said.

"Mobile money transfer and mobile payments shall become the instrument of financial inclusion for the rural and semi urban population of the country in times to come. WSFL has taken a strategic decision to apply for a core banking license and authorisation to offer and operate mobile banking and mobile payments and settlements services from the Reserve Bank of India (RBI)," he said.