wordpress blog stats
Connect with us

Hi, what are you looking for?

Allow mobile banking registration through ATMs: RBI to NFS banks

Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook. The Reserve Bank of India (RBI) has asked all banks part of the National Financial Switch (NFS) to make changes to their ATMs so that they can allow customers to register for mobile banking. "The National Payment Corporation of India (NPCI) has since developed the mobile banking registration service / option on the National Financial Switch (NFS). After a pilot with a few banks, the service is ready to be deployed on ATMs of all the NFS member banks," the RBI said in a notification. The NFS is a India's largest network of shared and interconnected ATMs developed by the Institute for Development and Research in Banking Technology and managed by the NPCI. As of November 2015, there are 212,501 ATMs in NFS' network which includes commercial banks, co-operative banks, regional rural banks and white label ATM operators. The RBI also said that all participating banks in the NFS have to make changes to their ATMs by March 2016 to allow registration for mobile banking. "In addition to the above, banks should also strive to facilitate customer registration for mobile banking through other channels including internet banking, IVR, phone banking," the RBI added. As of September 2015, the RBI reported that there were 27.11 million transactions through mobile banking channels which was worth Rs 2660 crore. MediaNama's take This is in continuation of the RBI's more tech friendly…

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

Free Reads

News

The tech giant will only have a minor stake in Anthropic and hence won't be part of its board.

News

The Board said that Meta’s approach to moderating content using “shaheed” to refer to individuals designated as dangerous “substantially and disproportionately restricts free expression.”

News

Foreign fintech entities like Google Pay and PhonePe are dominating the UPI market and CCI has been urged to regulate this in the past.

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