RBI issued notification to banks to hold payment through mobile till final norms

The Reserve Bank of India on Tuesday issued a notice to all commercial banks that they should hold back their mobile payment services until the final guidelines are not issued by the apex bank.

In a notification the apex bank stated, "Banks are advised to keep on hold their mobile payment services till issuance of the final guidelines.”

Apex bank has already drafted guidelines for payment and other services through mobiles and has placed for comments.

The regulator while issuing notification said though many banks have already started providing mobile payment services to their customers should dissociate themselves from any such mobile-based money transfer service till the final guidelines are issued in this regard.

The apex bank clarified that it has no objection on the use of mobile channel for providing basic services such as alerts for credit or debit entry, balance enquiry, which are in the nature of providing information but the regulator pointed out that all banks should not use the channel for customers to initiate payment instructions.

It further added there are a number of issues pending regarding employees in view of these banks will have to stop their payment services through mobile till the guidelines are finalized.