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RBI Reiterates Stand On Not Allowing Mobile Wallets To Offer Cash-Withdrawals

The RBI has reiterated that it won't allow telecom operators offering mobile wallets to offer cash-out facility, unless they sign up customers under a Banking Correspondent tie-up, reports PTI (via DailyBhaskar). Speaking at the FICCI-IBA banking summit, HR Khan, Deputy Governor of the Reserve Bank of India, said that mobile operators can't bypass banking, and can't be permitted to offer cash cash-out, unless they act as banking correspondents (BCs), in which case they can use BC points for it. He also said that cross-border remittances can not be allowed via mobile banking because of security concerns and anti-money laundering rules and Know your customer guidelines. What this essentially means is that telcos and payment companies offering mobile wallets would not be able to offer customers cash withdrawals unless they tie-up with a Bank and verify customers' KYC documents, and will…

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