Reserve Bank of India has permitted Yes Bank to partner with Nokia for rendering its mobile banking services. The service would be reaching the customers in the name of Nokia Money.

The company has received an extremely encouraging response from the pilot study which it had organized in Pune in the month of Februrary. The pilot study would be ending in a few months.

Nokia has described its vision for mobile banking in India as a business having great revenue potential.

The results of the pilot study would act as inpits for RBI to bring about the services in India.

The system would work in such a way that a person goes to a nokia retail outlet anywhere in the country. He fills a form out there which makes him an account holder with Yes Bank. The process would take only 15 minutes.

When a person deposits money at a Nokia outlet, the credit appears in his mobile phone within minutes.

Currently Nokia has tie up with only Yes Bank but soon expects more tie ups. The remaining tie ups would depend on the permission by RBI.