Now that RBI has granted permission to transfer funds across various mobile-phone service providers, 3 public sector banks are rolling out their mobile banking solutions in the next few days.
State Bank, said it is in the final stages of its M-Banking roll-out and has scheduled its launch in late July while Bank of India and Union Bank of India plan to introduce their services by end-June. SBI, which has partnered with
Mumbai-based technology services provider, Spanco Systems, is understood to have plans to tie-up with a number of service providers to take the service to the far-corners of the country.[source]
RBI Mobile Banking Guidelines
Quick excerpts from RBI’s Mobile Banking guidelines:
- When a bank offers mobile payments service, it may be ensured that customers having mobile phones of any network operator should be in a position to request for service.
- The long term goal of mobile payment framework in India would be to enable funds transfer from account in one bank to any other account in the same or any other bank on a real time basis irrespective of mobile network a customer has subscribed to. This would require inter-operability between mobile payments service providers and banks and development of a host of message formats.