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RBI Drafts Norms On Mobile Payment For Banks

Posted on 16 June 2008,    
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The Reserve Bank of India has issued draft guidelines on mobile payments

Mobile Payment has been defined as information exchange between a bank and its customers for financial transactions through the use of mobile phones. Mobile payment involves debit and credit to a customer’s accounts on the basis of funds transfer instruction received over the mobile phones

--- Only banks licensed and supervised in India can offer mobile payment services

--- Only INR based services should be provided

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