wordpress blog stats
Connect with us

Hi, what are you looking for?

RBI Puts Mobile Banking Payments On Hold; Alerts Still Allowed

Downloads: -- RBI notification to put M-Banking services on hold -- RBI Draft Guidelines For Mobile Banking The RBI has decided to put mobile payment services linked to banks on hold until the final guidelines are issued. Many of these services have been active for a year now, banks and service operators have spent a lot of money publicising these, and consumer have signed up. With consumers, third-party rights come into play, and the note to put the services on hold does seem odd. On July 22nd, the RBI issued a notice, saying that: "There are a number of attendant issues and therefore, banks are advised to keep on hold their mobile payment services till issuance of the final Guidelines.  Banks may also dissociate themselves from any mobile based money transfer service which has not received explicit approval of RBI or not covered by any of the Guidelines issued by RBI." It's important to note that only payment systems are being put on hold. Information services like mobile alerts for credit or debit entry, balance enquiry will continue. The guidelines are expected to be out shortly, though there's no official notification on exactly when. After the Draft Guidelines were put up, comments have been received from stakeholders, and the RBI is expected to issue the final guidelines based on these. Note that the guidelines will cover only those payment services linked to banks, and not cash cards.

Please subscribe/login to read the full story.
Written By

Free Reads

News

The ‘Reforming Intelligence and Securing America Act’ (RISAA) is a legislation to reauthorize Section 702 of the Foreign Intelligence Surveillance Act (FISA).

News

In its submission, the Interior Ministry said the decision to impose a ban was "made in the interest of upholding national security, maintaining public...

News

Among other things, the security requirements include data encryption and regular review and updated access permissions to reflect personnel changes.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ