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RBI issues guidelines for mobile payments

Reserve Bank of India has issued draft operating guidelines that aim to facilitate fund transfer through mobile phones across networks and service providers. The central bank has permitted the use of SMS-based mobile payments for small transactions up to Rs 1,500 in its draft.

RBI has asked banks to make their mobile banking services available across all phone networks. It has also suggested that banks issue a separate mobile-PIN which will be completely different from the internet banking passwords.

Reserve Bank of India has issued draft operating guidelines that aim to facilitate fund transfer through mobile phones across networks and service providers. The central bank has permitted the use of SMS-based mobile payments for small transactions up to Rs 1,500 in its draft.

RBI has asked banks to make their mobile banking services available across all phone networks. It has also suggested that banks issue a separate mobile-PIN which will be completely different from the internet banking passwords.

The guidelines also recommend that banks do not compromise on their know-your-customer and anti-money laundering guidelines. It has also been recommended that banks explicitly state the risks to customers and also get them to sign a contract before the service is adopted. [Source: Economic Times]

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