Mobile Banking On Hold Till Guidelines Finalised By RBI
Posted on July 23rd, 2008 by dhirender
RBI has asked banks to dissociate themselves from any mobile-based money transfer service that has not received the regulator’s “explicit approval” or is not covered by its guidelines.
Banks can, however, continue to provide basic services such as mobile alerts for credit or debit entry, balance enquiry or other services that are in the nature of providing information.
RBI has already issued draft norms for mobile payment services and is in the process of finalising the guidelines for the estimated 100 crore market. [Via]
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