Operative Guidelines for Mobile Banking in India
The Reserve Bank of India (RBI) has issued a master circular outlining the operative guidelines for mobile banking transactions in India.
The guidelines cover various aspects, including:
Registration of customers: Banks must register customers for mobile banking services, with options for new and existing customers.
Technology and Security Standards: Banks must adhere to specified technology and security standards to ensure the security of mobile banking transactions.
Inter-operability: Banks must ensure inter-operability between different mobile banking systems to facilitate seamless transactions.
Clearing and Settlement: The RBI has outlined guidelines for clearing and settlement of inter-bank funds transfer transactions.
Customer Complaints and Grievance Redressal Mechanism: Banks must establish a mechanism to address customer complaints and grievances related to mobile banking services.
Transaction Limits: The RBI has specified transaction limits for mobile banking transactions.
Remittance of Funds: Guidelines have been outlined for the remittance of funds for disbursement in cash.
Board Approval and RBI Approval: Banks must obtain approval from their board and the RBI for mobile banking services.
The circular also includes annexures providing suggestions and best practices for increasing the penetration of mobile banking services.
Chat with the Master Circular: