RBI has proposed a guideline for mobile payments which would enable mobile subscribers to credit or debit money from their bank accounts. The proposal from the bank said that the framework would be such so as to enable transfer of funds from account in one bank to another in the same bank or any other. And, the whole transaction will be done on a real time basis irrespective of mobile network of the customer.

 

The RBI proposal conveys that the facility would be available to certain licensed banks only. These banks accordingly, would be allowed to offer mobile payment services to Indian residents after getting approval from their boards. However, the facility would be restricted to only bank accounts and credit card accounts. Admittedly, in mobile payment debiting or crediting of funds is done by bank in customer's A/C with the help of instructions received through the mobile phones.

 

However, RBI release has cleared that banks which have implemented core banking solutions only would be permitted to offer mobile banking service. Showing its concern on money laundering and transfer of money to terrorist organization, RBI release said that anti-money laundering law would be applicable in the mobile transactions too. Similarly, the caution would be taken that money is not transferred to terrorist organization's account.