Wall Street Finance to apply for mobile banking licence

It would seek requisite authorisations from the Reserve Bank of India to offer and operate mobile banking, mobile payments and mobile settlement services across India, WSFL said in a statement.

The company intends to apply for a core banking licence whereby an entity can offer mobile banking solutions on a real time basis that is direct debit or credit in the bank account of a person, it said.

Further, an approval under the Payment & Settlement Systems Act would additionally be required for mobile banking transactions and settlements, it said. With the acquisition of WSFL, it intends to change the way people avail of and transact financial services by technologically enabling the realisation of the financial dreams of the mobile society, it added.