Facing opposition from the Reserve Bank of India (RBI) and the home ministry, the government has decided to drop the idea of allowing mobile-based banking.

Facing opposition from the Reserve Bank of India (RBI) and the home ministry, the government has decided to drop the idea of allowing mobile-based banking. While the RBI stated that this facility would lead to uncontrolled credit creation outside the banking system and would be difficult to regulate, the home ministry was concerned about the misuse of the facility from a security consideration.