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TRAI Proposes Mandatory USSD Based Mobile Banking Solution

The Telecom Regulatory Authority of India (TRAI) has released a consultation paper on USSD based mobile banking services for financial inclusion.  TRAI has asked for suggestions for the technology to be used by stakeholders - bank, RBI, TSPs, aggregators, for  providing banking services to the unbaked/ underbanked citizens. It has asked stakeholders to send written comments by October 4, 2013 and counter comments by October 11. Some of the issues raised by the consultation paper include: - Whether USSD is the most appropriate mode for mobile banking for financial inclusion. It states that transactions through USSD are in real time, and the accessibility cost of information through the technology is also low as all low end phones can use the technology. - TRAI asks whether mobile banking as a means of financial inclusion can be enhanced by creating an aggregation platform to connect banks and TSPs, through which banks can provide USSD based mobile banking. TRAI argues that while banks such as SBI and ICICI have already implemented USSD based mobile banking, it's not available on all TSPs. Besides this, customers having accounts in various banks have to remember different USSD codes to access accounts on different banks. However, to enable aggregation platform providers to assume their role in the delivery model, it is necessary that they are able to establish a connection with the network of the TSPs. - It further asks whether the Mobile Banking (Quality of service) Regulations, 2012 should be amended for mandating every TSPs to work with banks…

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