In an effort to ensure smooth rollout of mobile banking in the country, TRAI has reached an understanding with the Reserve Bank of India (RBI) to draft a regulation for the same

In an effort to ensure smooth rollout of mobile banking in the country, TRAI has reached an understanding with the Reserve Bank of India (RBI) to draft a regulation for the same. TRAI will deal with all interconnection issues while RBI will look into banking aspects such as the maximum amount of transactions per day, know-yourcustomer guidelines and verification criteria. TRAI will also be in charge of setting consumer tariffs for mobile banking access.
Mobile banking holds the promise of generating a new revenue stream for operators. This development , therefore, comes as a relief for operators that were expecting regula-tory delays.