Mobile phone owners would soon be able to transfer their funds from their accounts through mobile phones. The Reserve Bank of India (RBI) has drafted the operating guidelines for mobile payment systems in India.Mobile phone payment system in india is increasing
According to the draft, mobile phone users who have basic phones will be able to make transactions through their mobile in the future. RBI has also permitted to use SMS based service for small transactions up to INR 15000. RBI has also asked all banks to make their mobile banking services for all mobile networks. The RBI has suggested banks to issue a separate mobile based PIN number which will be completely different from Internet banking passwords and to use dual authentication method for security purpose. The guidelines not only comprises know-your customer and anti-money laundering guidelines but also recommends that bank explicitly state the risks to the customer and also get them to sign a contract before the service is adopted.
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