RBI appoints committee to boost mobile banking

The Committee will submit its report by end of December 2013.

October 10, 2013 10:02 IST | India Infoline News Service
The Reserve Bank of India has formed a technical committee on mobile banking, to examine the options 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 committee will conduct an in-depth study of the challenges faced by banks in taking mobile banking forward to the desired level.

It will also study the challenges faced by banks in introducing the Unstructured Supplementary Service Data (USSD) channel and suggest solutions, if any, to take this forward.

The panel will also “consider the advantages / challenges of having a single application across all handsets in an SMS encrypted environment,” the RBI said in a notification on Wednesday.

The panel will also examine any other optimum solution that would take mobile banking to every corner of the country; and accordingly, draw up a road map for implementation of the solutions recommended.

The nine-member panel is headed by B Sambamurthy, Director of the Institute for Development & Research in Banking Technology. The committee is to submit its report by December end.

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