Sunday, 21 September 2008

It's Crunch Time for Mobile Banking in India

The Reserve Bank of India has updated the Mobile Banking Guidelines. You would recollect that the draft had been published a few months back, and most decisions had come to a standstill as solution providers and banks awaited the final version.

A transaction cap of Rs. 2.500 per txn and Rs. 5,000 per customer per day is one of the highlights. It would also be interesting to see the guidelines issued by some other central banks inc
luding the State Bank of Pakistan.

This is a significant milestone offering banks and solution providers a broad framework to move forward. We should see several initiatives being launched over the course of the year, now that this release is out.

However, as I've stated several times earlier as well, mobile banking applications and standards in itself would not be able to serve the larger objectives of inclusion if aspects of interoperability and financial inclusion regulations are not addressed quickly. The Mobile Payments Forum of India, triggered by IRDBT is a move in that direction
, but perhaps a more authoritative and direct participation by the RBI and the government would provide the necessary boost to make this a reality.

A wordle depiction of this article for your humour below...

No comments: