Norms drawn up for mobile banking
The Reserve Bank of India (RBI) on Thursday issued draft guidelines to banks for standardising mobile banking operations in the country. These guidelines, once they come into force, will enable all banks of offer mobile banking services.
“The long-term goal of mobile payment framework in India would be to enable funds transfer from an account in one bank to any other account in the same or any other bank in real time irrespective of the mobile network a customer has subscribed to,” said the RBI in the draft guidelines, prepared in consultation with banks.
Mobile banking is offered by several banks individually at various levels. But they are yet to reach a stage where a person is able to transfer funds to various people banking with several banks at the click of a mobile phone. This is because different banks operate through different mobile operators and offer services at different levels of sophistication. The RBI’s initiative is intended to standardise the processes.
“The RBI initiative will broaden the scope of mobile banking services. The move will standardise the formats adopted by various banks and enable all the banks to offer these services,” said Aspi Engineer, Vice-President: (Alternate Channels), Axis Bank.
“The offerings today are confined to individual banks. Standardisation helps in inter-operability (transactions between banks),” Engineer added.
Most of the major banks today offer the first level of mobile banking services in the nature of information like balance enquiry, SMS alerts for credits and debits and status of transactions. Only a few private and foreign banks offer services involving financial transactions such as payments, transfers and stop payments.
Providing a framework for enabling mobile payment services will require the collaboration of banks, mobile payments service providers and mobile network operators. The service can also be provided as a proximity payment system, where
the transactions are independent of the networks, the RBI said.
“When a bank offers mobile payment services, it may be ensured that customers having mobile phones of any network operator should be in a position to request for services,” the RBI said.
Enter your email to get our daily newsletter in your inbox
- Khan won from the Chainpur Assembly seat on a Bahujan Samaj Party (BSP) ticket in the 2020 assembly elections and is all set to join JD-U soon.
- Since January 16, a total of 10,514 healthcare workers have been vaccinated in Uttarakhand in 171 sessions.
- The PM is scheduled to address a public rally at Jerenga Pathar in Sivasagar district on Saturday and distribute land allotment certificates to over 1,06,000 landless people.
- The petitioner, had joined the 3-year law course at Law Centre-II of the Faculty of Law, Delhi University in August 2016. She was a married woman who attended the evening law course and successfully cleared three semesters. In the fourth semester, she became pregnant and could not attend classes.
- The child-friendly police station has been developed under an initiative by the state commission for protection of child rights and police to provide a friendly environment to the children on the streets to prevent them from stepping into the world of crime.