RBI sets up panel to boost mobile banking across the country

The committee will consider the advantages and challenges of having a singleapplication across all handsets in an SMS-encrypted environment

The Reserve Bank of India (RBI) has set up a technical committee to examine the feasibility of encrypted SMS-based fund transfers to boost mobile banking in the country.

RBI said, the committee will study challenges faced by banks in mobile banking. It will consider the advantages/ challenges of having a single application across all handsets in an SMS-encrypted environment, it added. It will also think over fund transfers that can be facilitated using an application which can run on any mobile handset.

B Sambamurthy, director, Institute for Development and Research in Banking Technology, will chair the committee and Vijay Chugh, chief general manager at RBI, will be the member secretary.

The members of the committee will include officials of State Bank of India (SBI), ICICI Bank, HDFC Bank and Axis Bank and Anthony Thomas, chief information officer of Vodafone India.

The committee may include specialists in the field as permanent invitees, the central bank said.

The committee will also look at any other solution to expand the reach of mobile bankingand accordingly, draw a roadmap to implement those solutions.

 
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