RBI bats for mobile banking

“RBI has already enabled mobile banking and we (RBI) have issued guidelines to all banks and hope that more and more banks rope in towards the launch of such products,” she said.

Further Gopinath said the guidelines have been liberalised to extend the facility through business correspondents too. “We have enhanced the daily cap on both fund transfers and transactions involving purchase of goods and services to Rs 50,000,” Gopinath said, stating mobile banking is safe as end-to-end encryption is ensured. For transactions of lesser value, RBI has permitted some relaxation in the end-to-end for transactions up to Rs 5,000, she added.

In order to make payments and settlements simpler, RBI has launched Inter-bank Mobile Payment Services, enabling prompt settlement of transactions inter-bank.

Stressing on the need for awareness about such products, Gopinath said it important for mobile banking to flourish along side conventional banking.   

CanBank launches CanMobile
Bangalore, June 6, DHNS:

Canara Bank, on Monday, launched its mobile banking product “CanMobile”, which was unveiled by RBI Deputy Governor Shyamala Gopinath.

Canara Bank said it facilitates customers to conduct transactions on a day-to-day basis, depending on their own convenience, irrespective of where they are, just by using a mobile handset.

The new product is in addition to the already existing facility of SMS alerts for transactions carried out by customers, the bank said.  The facility requires the customer to register himself for it, following which, he can access Canara Bank’s services for balance enquiry, viewing of last 5 transactions  through the handest.

He can transfer funds intra-bank and inter-bank through Inter-Bank Mobile Payment System , provided by the National Payments Corporation of India and can also make other requests. CMD S Raman said “CanMobile can be used for extending banking services to customers under financial inclusion. In its initial offer, the product supports banking transactions including fund transfer.” The limit for mobile banking transfer ranges between Rs 5,000 and Rs 50,000.