Mobile banking can play vital role in financial inclusion: RBI Deputy Governor
- Saturday, December 5, 2009, 22:21
- Latest News
- 1 comment
Microfinance Focus, Dec. 05, 2009: Mobile phone as an instrument for conduct of financial transactions and the immense potential it has in the process of financial inclusion and financial growth is well recognized. We all agree that the benefits of M-Commerce should reach the common man at the remotest locations in the country, said Dr. K.C.Chakrabarty, Deputy Governor, Reserve Bank of India at the India Telecom 2009 Conference. The conference was organized by Department of Telecom, Government of India, in collaboration with FICCI on December 4, 2009 at New Delhi.
He further added that “the extent and the manner in which M-commerce should be facilitated needs a cautious and well considered approach keeping in view the concerns on money laundering and financial terrorism and the stability of the payment and settlement systems.
He also indicated RBI stance on role of non banking services providers in mobile banking space. He said, “Any non bank service provider in the e payment cycle has to model his business based on fees and not on float. Funds management is best left to banks. While this is the policy has stood the test of time, RBI is not averse to any idea of revisiting this approach if this arrangement fails to meet the objective of total financial inclusion.”
Related Posts:
- Mobile banking is the key to financial inclusion
- ‘Mobiles and Money India’ conference to address financial inclusion
- Microfinance to play vital role in Secure SMS Mobile Banking Pilot: CellTrust CEO
- Ed : Will mobile banking match mobile reach in 2010?
- Microfinance Policymakers Forum advocates to use technological advancements for financial inclusion
- mChek gets nod from Western Union Mobile Vendor Program
- mChek bags TiE-Lumis Partners Entrepreneurial Excellence award
- RESEARCH: Mobile Banking will accelerate microfinance mission
© 2009, Microfinance News. All rights reserved. 2008-09
One Comment on “Mobile banking can play vital role in financial inclusion: RBI Deputy Governor”
Write a Comment
Gravatars are small images that can show your personality. You can get your gravatar for free today!
I believe fund transfer service through m-banking has yet to pick up. Growing terrorism and increasing cyber crimes are in fact impeding use of service generally. To promote m-banking for fund transfer service there is a need to develop such software as well as hardware with features that are practicable in rural settings/environments, are not vulnerable to cyber crimes and also devoid of necessary infra-structure particularly electricity which is the basic need for the hard-ware in use.
But undoubtedly use of m-banking is transformational. The financial service is linked to the use of phone or any wireless device and is meant for the benefit of persons who do not have a bank account with a conventional bank. The recent launching of Easy Paisa scheme(www.easypaisa.com.pk) in pakistan – a branchless banking product by Tameer Bank (a microfinance bank) in collaboration with Telenor Pakistan is facilitating payment of utility bills and transfer money at all the designated outlets of Telenor.