RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S1

Press Releases Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

109305655

Mobile Payments in India - Operative Guidelines for Banks

With the rapid growth in the number of mobile phone subscribers in India banks have been exploring the feasibility of using mobile phones as an alternative channel of delivery of banking services. A few banks have started offering information based services like balance enquiry, stop payment instruction of cheques, record of last five transactions, location of nearest ATM/branch etc. Acceptance of transfer of funds instruction for credit to beneficiaries of same/or another bank in favour of pre-registered beneficiaries have also commenced in a few banks. Considering that the technology is relatively new and due care needs to be taken on security of financial transactions, the Reserve Bank of India has felt the need for a set of operating guidelines that can be adopted by banks. 

Accordingly the Reserve Bank has prepared a 'Draft Operating Guidelines for Mobile Payments in India', in consultation with banks and a few industry bodies. The draft guidelines are placed on the website for public comments. Comments can be sent latest by June 30, 2008 to the Chief General Manager, Reserve Bank of India, Department of Payment and Settlement Systems, Central Office, 14th floor, Central Office Building, S.B.S. Marg, Mumbai 400001 or faxed to 022-22659566. Comments can also be e-mailed.

  Alpana Killawala
Chief General Manager

Press Release : 2007-2008/1589

RbiTtsCommonUtility

PLAYING
LISTEN

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

Install the RBI mobile application and get quick access to the latest news!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

Was this page helpful?