TRAI seeks telcos' opinion on mobile banking

Effort to make basic financial services available through mobile phones

PTI | October 28, 2010



Telecom regulator Trai today floated a consultation paper on making mobile banking easily accessible and more secure for users.

The consultation paper by Trai has sought comments from the operators on how to make basic financial services easily available through mobile phones.

Trai has sought views on methods of communication on mobile network (GSM and CDMA) that would be suitable for enabling financial transactions through mobile phones and parameters to be defined to ensure timely delivery of information.

Further, the security requirement using the method proposed by service providers is for five basic transactions -- no-frills account opening, cash in, cash out, checking balance and money transfer.

The National Sample Survey data reveals that 51.4 per cent of nearly 89.3 million farmer households do not have access to any credit either from institutional or non institutional sources.

A large percentage of rural population does not have a deposit account which means that they do not have access to even basic financial services.

Around 209 million rural mobile subscribers far outstrip bank account holders in rural areas. Access to basic financial service continues to be an unrealised dream for millions of our citizens.

"With an aim to utilise fast growth of mobile telephony in rural and remote areas and mobile banking is seen as integral part of banking services," Trai said.

The exponential growth of telephone services as well as improved technology has opened the door for the mobile phone to be used as an instrument for banking operations.

Service providers are requested to send their comments by November 23, Trai added.

 

Comments

 

Other News

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter