The Finance Ministry has shelved plans to introduce greater mobile banking facilities in the country. The Reserve Bank was opposed to greater freedom as it felt that funds flow would be outside the banking system where it cannot be monitored. The Home Ministry is against the measure due to security fears.
A lot of people cannot access banking facilities as they are simply not available. Mobile banking can actually improve things in this direction. Instead of a general ban on the practice, it would be much better if strict regulations and controls are put in place (and implemented). For how long can we postpone implementing forward-looking practices fearing for our security. I also wonder what impact this decision will have on Nokia and its plans to roll out its Money service in India.
Also, the telecom sector is seeing a price war right now. Mobile payments and similar value-added services can act as differentiating factors in such a scenario. What will happen to these?
A lot of people cannot access banking facilities as they are simply not available. Mobile banking can actually improve things in this direction. Instead of a general ban on the practice, it would be much better if strict regulations and controls are put in place (and implemented). For how long can we postpone implementing forward-looking practices fearing for our security. I also wonder what impact this decision will have on Nokia and its plans to roll out its Money service in India.
Also, the telecom sector is seeing a price war right now. Mobile payments and similar value-added services can act as differentiating factors in such a scenario. What will happen to these?
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