Mobile banking regulatory framework soon: RBI

Mumbai, Feb 25: The Reserve Bank of India (RBI) will shortly come out with regulatory framework for mobile banking, with increasing number of banks going the electronic way.

Talking to reporters on the sidelines of the ''Banking Tech Summit'' of the Confederation of Indian Industry here, RBI Executive Director R B Barman said that a committee looking into the issues of internet banking and mobile banking was expected to give its report in March following which the RBI would look into the necessary regulatory framework that is needed to be in place. The prime concern would be authentication. However, the necessary telecom and other IT infrastructure should be in place to enable wider coverage, he added.

Mr Barman said that the RBI favoured greater use of IT by the banking sector for sustaining the growth momentum of the country.

Replying to a question, he said that the RBI was concerned with the spiralling inflation and also the liquidity situation and would take every step to ensure that the economic growth is not hindered.

UNI