The Reserve Bank of India's (RBI) has formulated norms for mobile banking to make it easier and safer for carrying out a gamut of banking transactions. Now the much awaiting mobile banking service are likely to be operative after the RBI issuing draft operative norms for such payment system.
According to norms banks will be able to offer mobile-based services only to their own customers. RBI said banks are supposed to have a system of registration before commencing mobile-based payment service to a customer.
The levels of mobile banking services have been divided into two categories. The first category includes information like balance enquiry, SMS alert for credit or debit, status of the last five transactions and others. The second involves the financial transactions such as payments, transfer and stop payments.
There is pretty high risk involved in carrying out financial transactions through mobile banking. Therefore to avoid the risk associated with either of the level; RBI has made a one-time registration process through a signed document mandatory before commencing the mobile-based payment service to a customer.
RBI pointed out for mobile payments the technology used should be secure and must ensure confidentiality, integrity and authenticity. The service can be used for the transaction of Indian rupee only.
RBI said the message formats developed by the Mobile Payments Forum of India should be in such format that they can be used to ensure inter-operability between banks and between their mobile payment service providers.
RBI said with its due permission banks can sign multilateral and bilateral agreements for fund transfer transactions and create mobile switches and inter-bank payment gateways in order to create an infrastructure on a pan-India basis.
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