Mobile Banking Transactions in India
Cheers, Reserve Bank of India
This is the Christmas Gift to Indian Banks and Banking consumers, IT Companies from Reserve Bank of India
In my opinion, the upper levels have been increased in a span of 1 year, due to the following reasons: -
01) Demand by Banks.
02) Demand by Bank’s Customers.
03) Confidence in the Security Levels of Transactions
04) Confidence in the System regarding Anti-Money Laundering (AML)/Know Your Customer norms(KYC).
As usual, the Notification contains two superb punches.
01) Transactions up to Rs 1000/- can be facilitated by banks without end-to-end encryption. The risks associated in this transactions, have to be handled by the Bank’s themselves, with appropriate Security Measures in place.
This should reduce the cost of transactions to Banks, and encourage them to aggressively market this product.
02) The second punch is also a wonderful addition to the Product. The recipient of Funds Transfer through Mobiles, can withdraw the funds through Cash at ATM or any agent(s) appointed by the bank as business correspondents.
Yes, you have read it correct!!! “The recipient of Funds Transfer through Mobiles, can withdraw the funds through Cash at ATM or any agent(s) appointed by the bank as business correspondents.
These is a very progressive step, and now trust all the stake-holders will be interested to encourage this product.
Better read the complete Reserve Bank of India
What is not clear to me is how the recipient will withdraw Cash through ATM/Business Correspondent. What will be the modus-operandi involved.
Of course, some new ideas will emerge, no doubt.
1 comment:
FINO is into designing and implementing innovative technology solutions - systems, services and networks - that will enable a greater range of financial services to reach the un-banked masses at a lower cost. After an established presence in the domestic market Microfinance Service Providers FINO's vision is to venture out to overseas market where the opportunities to serve the unbanked is enormous.
Post a Comment