In the Statement by Dr. Raghuram Rajan on taking office on September 4, 2013, there were many points which will usher Safe eTransactions in the next couple of years in India.
With reference to this point, “Finally, there is substantial potential for mobile based payments. We will set up a Technical Committee to examine the feasibility of using encrypted SMS-based funds transfer using an application that can run on any type of handset. We will also work to get banks and mobile companies to cooperate in rolling out mobile payments. Mobile payments can be a game changer both in the financial sector as well as to mobile companies”
Today i.e 09/10/13, RBI has announced setting up an Technical Committee on Mobile Banking
The main aim of this Technical Committee is to:- examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country.
The terms of Reference of the Committee are:
- to conduct an in-depth study of the challenges faced by banks in taking mobile banking forward to the desired level;
- to study the challenges faced by banks in introducing the Unstructured Supplementary Service Data (USSD) channel and suggest solutions, if any, to take this forward;
- to consider the advantages/challenges of having a single application across all handsets in an SMS encrypted environment;
- to examine any other optimum solution that would take mobile banking to every nook and corner of the country; and accordingly,
- to draw up a road map for implementation of the solutions/options recommended
The Committee has to submit its report by end of December 2013.
In case you wish to interact with the Technical Committee, you may email the comments to email@example.com. The last date to articulate your views is October 31, 2013.
- TRAI Proposes Mandatory USSD Based Mobile Banking Solution (medianama.com)
- SBI report welcomes RBI Guv Rajan”s focus on mobile banking (news.in.msn.com)
- Encrypted SMS? What RBI Gov Raghuram Rajan Should Really Do About Mobile Payments (medianama.com)
- Mobile banking: risk or reward? (itpro.co.uk)
- Regulator warns of dangers of mobile banking (theguardian.com)