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RBI Drafts Norms On Mobile Payment For Banks

Posted on 16 June 2008,    
 2829    Share  Report

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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