Mumbai: The RBI has permitted banks to enable cross border remittance between bank accounts through the medium of mobile, subject to clearance from the local regulator.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
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