The RBI is going to standardize m-banking

Today many banks offer mobile payments, but unfortunately not all of them have a high level. In view of this fact the Reserve Bank of India (RBI) decided to standardize this service with all the banks and has issued draft guidelines to banks.

The RBI said that today most of the banks offer the first level of mobile banking services, which generally includes the information on balance, SMS notifications for credits and debits and status of transactions. Such operations like payments, transfers and stop payments are offered only by a few private and foreign banks.

Thinking of the future development the RBI said that the success of mobile payment services is concluded in collaboration of the banks, mobile payments service providers and mobile network operators. In future this service can also operate as a proximity payment system with independent transactions.