RBI advises banks to put hold on mobile payment services

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Mumbai, July 22 (UNI) The Reserve Bank of India has advised banks 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,'' the Central Bank said today in a statement.

RBI said there are a number of attendant issues and it was in the process of finalizing the operative guidelines for banks on mobile payments that would be issued.

Meanwhile, it is observed that a few banks have already started offering mobile payment services to their customers without waiting for the release of RBI's Guidelines.

RBI has no objection to use of mobile channel to provide basic services such as mobile alerts for credit or debit entry and balance enquiry, which are in the nature of providing information, but due care needs to be taken for permitting the channel for customers to initiate payment instructions, it added.

UNI PP-AR SR AG2107

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