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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…

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