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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Axis Bank Q3 Net profit rises 4% YoY

On January 16, private lender Axis Bank said that its net profit for the third quarter of the current fiscal year 2024–2025 increased by 3.83 percent to Rs 6,304 crore. The lender's net profit decreased by 9% on a sequential basis. The net profit for the July–September quarter was Rs 6917.57 crore.

The third-largest private lender in India, Axis Bank, reported a 5.6 percent YoY increase in net profit for the third quarter of fiscal year 2024-25 (Q3FY25), powered by moderate loan growth, according to a Moneycontrol survey of six brokerages.

Read More - Top 10 Banks in India 2024

For the fiscal third quarter of 2025, Axis Bank generated interest income of Rs 30,954 crore, an 11% increase over the Rs 27,961 crore reported during the same period last year. In the quarter under review, the lender paid interest of Rs 17,348 crore, which was 12% more than the Rs 15,429 crore paid in the Oct-Dec quarter of the previous fiscal year.

At Rs 2,156 crore, the lender's provisions and contingencies—money set aside for possible bad loans—more than doubled annually.Due to an increase in bad loans in areas like microfinance and the unsecured portfolio, Indian lenders have been compelled to increase their reserves for possible losses.

Read More - Q3FY25 Results of Banks in India

At the end of December, Axis Bank's gross non-performing asset ratio, which is a crucial indicator of lenders' asset quality, was 1.46%, up from 1.44% three months prior.The difference between interest earned and paid, or net interest income, increased by 9% to Rs 13,606 crore.

In the three months ending December 31, Axis Bank's loan growth was 9% year over year, which was less than the 11% increase in the preceding quarter. Additionally, its total deposits increased by 9%.A crucial indicator of profitability, the net interest margin, decreased to 3.93% from 4.01% a year earlier and 3.99% in the prior quarter.

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Axis Bank Q4 Results: Lender back in black, NII jumps 22% YoY

The country’s third largest private sector lender, Axis Bank, on Wednesday reported net profit of Rs 7,129.67 crore in the quarter ended March 31 as compared to a net loss of Rs 5,728.42 crore in the same period of the previous year, despite an increase in loan loss provision.

The numbers are not comparable as the consumer business of Citi India was merged with Axis in the fourth quarter of FY23.

Net interest income grew 11 per cent year-on-year (Y-o-Y) to Rs 13,089 crore while fee income grew by 23 per cent to Rs 5,637 crore. The trading income gain for the quarter stood at Rs 1,021 crore.

Net interest margin for the quarter was 4.06 per cent, up 5 bps sequentially.

Provision for the quarter was Rs 1,185.31 crore as compared to Rs 305.77 crore mainly due to rise in provision for non-performing assets which went up from Rs 270 crore in the Q4 of FY23 to Rs 832 crore. Fresh slippages during the quarter was Rs 3,471 crore. Provision coverage ratio was at 79 per cent.

“The bank has not utilised Covid provisions during the quarter and these are reclassified to other provisions,” Axis Bank said.

The bank’s reported Gross NPA and Net NPA levels were 1.43% and 0.31% respectively on 31 March as against 1.58% and 0.36% as on 31st December 2023.

The total deposits grew 13% Y-o-Y while the current and savings account deposits were 43 per cent of the total deposits.

Advances grew 14% Y-o-Y to Rs 9.65 trillion mainly due to 20 per cent growth in retail loans which are 60 per cent of the bank’s net advances.

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Court orders Axis Bank to pay Rs.51 lakh compensation to woman

 

Sanjeev Jindal, the Chairman of the Consumer Disputes Redressal Commission, recently issued an order directing Axis Bank to reimburse Mukta Malhotra, the account holder, for the value of Rs 51 lakh. This decision was made in response to the discovery that Mukta Malhotra's account manager, Rajiv Sharma, had forgeried her signature in order to fraudulently take money from her account.

The Consumer Disputes Redressal Commission has mandated that Axis Bank pay nine percent interest on the withdrawn cash in addition to the principal amount of Rs 51 lakh. Additionally, Mukta Malhotra has been awarded Rs 2 lakh by the bank as compensation for the psychological distress she endured as a result of the occurrence, along with Rs 22,000 for legal fees she incurred during the court proceedings.

The owner of South Asian Apparel Resource on Khandsa Road, Mukta Malhotra, filed a case with the Consumer Disputes Redressal Commission detailing her account manager Rajiv Sharma's illegal conduct. Rajiv, who was in charge of overseeing the business's Axis Bank account, moved a total of Rs 51.75 lakh from the account to his wife's company, Prinyanka Design.

Mukta Malhotra learned of the illicit withdrawals on April 15, 2019, after receiving a notification from Axis Bank regarding the activities. It was discovered that Rajiv had been using forged checks to take money out of the account over time.

The Police Commissioner opened an inquiry after receiving the complaint, and on July 9, 2019, a case was filed under several legal headings at the Sector-10 police station. The investigating officer seized cheques from Axis Bank and Bank of Baroda with forged signatures and served Axis Bank with a notice inviting them to cooperate with the inquiry.

 

Nevertheless, Axis Bank did not assist with the inquiry and did not offer any written correspondence, including emails or messages, to back up their assertion that they had alerted Mukta Malhotra to the fraudulent activity.

Following an evaluation of the available data and hearings from both sides, the Consumer Disputes Redressal Commission determined that Axis Bank was at fault in this instance. The complainant's signature did not match those on the fake checks, according to a handwriting expert's assessment of the signatures on the checks, which the court had mandated.

 

As a result, the Commission found in Mukta Malhotra's favor and directed Axis Bank to reimburse her for the Rs. 51.75 lakh principal plus 9% interest. In addition, the bank was ordered to reimburse Rs 2 lakh for emotional distress brought on by the event and Rs 22,000 for legal costs.

  

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RBI imposes Rs. 2.5 crore penalty on three banks

The Reserve Bank of India (RBI) imposed a monetary penalty on three private and public sector lenders on Friday. The central bank charged Jammu & Kashmir Bank with Rs.2.5 crore penalty, while the Bank of Maharashtra faced a fine of Rs.1.45 crore. Axis Bank received the least amount of penalty among them to the tune of Rs.30 lakh.

Jammu & Kashmir Bank:

RBI imposed a Rs.2.5 crore penalty on J&K Bank for non-compliance with certain directions issued by RBI on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’, read with ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, ‘Loans and Advances – Statutory and other Restrictions’ and ‘Time-bound implementation and strengthening of SWIFT-related operational controls’.

According to RBI's inspection, J&K Bank non-complied in --- (i) failed to ensure integrity and quality of data submitted to CRILC, (ii) extended term loans to a corporation (a) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects are sufficient to take care of the debt servicing obligations and (b) failing to ensure that the repayment/servicing of said term loans were not made out of budgetary resources and (iii) created financial/non-financial messages in SWIFT without first ensuring that the underlying transactions have been duly reflected in the CBS.

Bank of Maharashtra:

This government-owned bank was imposed with Rs.1.45 crore penalty for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’ and Advisory on ‘Man in the Middle (MiTM) Attacks in ATMs’ (the Advisory).

BoM committed non-compliance in the extent of --- (1) it sanctioned a term loan to a Corporation (i) in lieu of or to substitute budgetary resources envisaged for certain projects; (ii) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations; and (iii) the repayment/servicing of which was made out of budgetary resources, and (2) it failed to implement required control measures for ATMs relating to end-to-end encryption of communication between the ATM terminal/PC and the ATM Switch, within the prescribed timeline.

Axis Bank:

Axis Bank, one of the leading private sector lenders, was penalised with Rs.30 lakh due to its non-compliance with certain provisions of the RBI directions on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts’.

As per RBI's inspection, Axis Bank had levied penal charges in certain accounts for late payment of credit card dues though the customers had paid the dues by the due date, through third party platforms.

Notably, before imposing the charges, RBI had sent notices to these three banks --- advising them to show cause as to why a penalty should not be imposed on them for failure to comply with the directions issued.

After considering the banks' reply to the notice, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted the imposition of monetary penalty on these banks.

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Axis Bank Q1 Results: Profit zooms 91% YoY

Axis Bank on Monday reported a 91 per cent year-on-year (YoY) rise in net profit at Rs 4,125.26 crore for the June quarter compared with Rs 2,160.15 crore in the same quarter last year. An ET NOW poll of analysts had anticipated the profit figure at Rs 3,400 crore.

Net interest income (NII) for the quarter rose 21 per cent YoY to Rs 9,384 crore, the private lender said in a BSE filing. Net interest margin (NIM) for the quarter came in at 3.6 per cent, up 14 basis points YoY.Fee income for the quarter jumped 34 per cent YoY to Rs 3,576 crore. Retail fees climbed 43 per cent YoY and constituted 66 per cent of the bank’s total fee income.

The bank said it made specific loan loss provisions worth Rs 777 crore compared with Rs 602 crore in the March quarter. The bank, Axis Bank said, has not utilised Covid provisions during the quarter.

Overall, the private lender held cumulative provisions of Rs 11,830 crore at the end of the June quarter. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.70 per cent as on 30 June, 2022. On an aggregated basis, our provision coverage ratio stands at 134 per cent of GNPA," the bank said.

The Gross NPA ratio for the quarter stood at 2.76 per cent compared with 2.82 per cent in the March quarter. Credit cost for the quarter stood at 0.41 per cent, down 129 basis points YoY.

The bank said it issued 9.9 lakh credit cards in June quarter, which is incremental share of 17 per cent for the last six months.

Credit card spends were up 96 per cent YoY for the quarter. The bank said it was the second largest player in merchant acquiring with market share of 17 per cent, accounting for the incremental share of 30 per cent for last three months.

MD & CEO Amitabh Chaudhry said, “As an institution, we continue to make good progress despite the macroeconomic headwinds that pose a challenge at multiple levels, both domestically and to the larger global economy."

The bank said its balance sheet was up 14 per cent YoY at Rs 11,52,580 crores as of 30th June 2022. Total deposits grew 14 per cent YoY on a quarterly average balance (QAB) basis and 13 per cent YoY on a period-end basis.

The lender's advances rose 14 per cent YoY to Rs 7,01,130 crore. The bank’s loan-to-deposit ratio stood at 87 per cent. Retail loans grew 25 per cent YoY to Rs 4,12,683 crore and accounted for 59 per cent of the net advances of the bank. The share of secured retail loans was 79 per cent, with home loans comprising 35 per cent of the retail book. Home loans grew 18 per cent YoY, small business banking 74 per cent YoY and the rural loan portfolio grew 42 per cent YoY.

Unsecured personal loans rose 20 per cent YoY. Credit Card advances jumped 42 per cent YoY. "SME book that remains well diversified across geographies and sectors grew 27% YOY to Rs 71,972 crore. The corporate loan book stood at Rs 2,16,475 crore.

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Six Indian banks sue GVK for Rs 12,114 crore: Report

Six Indian banks are reportedly suing the GVK Group for $1.5 billion or Rs 12,114 crore, according to the Times of India. The six banks include Bank of Baroda, Bank of India, Canara Bank , Icici Bank , Indian Overseas Bank, and Axis Bank.

According to the report, GVK defaulted on a $1-billion loan and a $35-million letter of credit facility given by banks in 2011, and a $160-million loan lent in 2014.

GVK Coal Developers (Singapore) and nine other GVK Group companies are being sued in the case which opens Monday.

As per the banks, GVK failed to make repayments as they fell due and failed to obtain a mining lease in the Alpha project in Queensland, Australia by December 31, 2012, which was a project milestone that had to be satisfied. The banks reportedly asked GVK in November 2020 to cancel the agreement and requested repayment. But neither GVK nor its guarantors has paid any of the sums owed, the banks claimed.

On the other hand, GVK argued that "the loans was to provide part funding for the acquisition of the Hancock companies in Australia to develop their assets — including the Alpha project — into working coal mines".

“The deterioration in the market for coal, the lack of third-party investment, legal challenges to the mining projects in the courts of Queensland, meant that very little progress was made to develop the mining assets,” GVK states. GVK states it could not obtain the mining lease owing to litigation by environmental groups but denies this was a “default”.

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Axis Bank Q2 results: Lender posts highest ever quarterly profit, up 86% YoY

Axis Bank on Tuesday reported an 86 per cent year-on-year (YoY) rise in net profit at Rs 3,133 crore for the September quarter compared with Rs 1,683 crore in the same quarter last year. This was the highest ever quarterly profit for the bank, the lender said in a BSE filing.

Net interest income (NII) for the bank rose 8 per cent YoY to Rs 7,900 crore compared with Rs 7,326 crore in the year-ago quarter. Net interest margin (NIM) for the recently concluded quarter came in at 3.39 per cent.

Specific loan loss provisions for the September quarter stood at Rs 927 crore compared with Rs 2,865 crore in the June quarter and Rs 724 crore in the year-ago quarter. Total Provisions & contingencies for the quarter fell to Rs 1,735 crore from Rs 3,302 crore in the preceding quarter and Rs 4,343 crore in the corresponding quarter last fiscal.

Gross NPA ratio fell to the lowest level in 20 quarters to 3.53 per cent for the July-September period. The figure stood at 3.85 per cent in the June quarter and 4.28 per cent in the year-ago quarter.

Gross slippages for the said quarter came in at Rs 5,464 crore, lower than Rs 6,518 crore in the June 2021 quarter but higher than Rs 1,751 crore (as per IRAC norms) in the same quarter last year.

"Slippages in Q2FY21 moderated due to regulatory forbearances that do not exist in the current quarter. Recoveries and upgrades from NPAs during the quarter were Rs 4,757 crore while write-offs were Rs 2,508 crore. Consequently, there were net slippages in NPAs (before write-offs) for the quarter of Rs 707 crore compared to Rs 3,976 crore in Q1FY22. Net slippages in NPAs (before write-offs) for retail loans stood at Rs 697 crore, and for SME there was a Rs 16 crore decrease in NPAs (before write-offs)," the bank said.

Fee income for the quarter rose 17 per cent YoY to Rs 3,231 crore. Retail fees jumped 19 per cent YoY and

constituted 63 per cent of the bank’s total fee income. The corporate & commercial banking fee grew 15 per cent, the bank said.

"The trading profits and miscellaneous income for the quarter stood at Rs 473 crore and Rs 95 crore, respectively. Overall, the non-interest income (comprising of fee, trading profit and miscellaneous income) for Q2FY22 stood at Rs 3,798 crore, up 6 per cent YoY," the bank said.

The bank’s provision coverage, as a proportion of Gross NPAs, stood at 70 per cent against 77 per cent as of September 2020 and 70 per cent as of June 30. Provisions prior to technical write-offs remained stable at 88 per cent.

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