The Indian government might soon let mobile operators and corporates to provide services other than viewing account status on mobile phones as a part of its steps to offer banking services to the weaker strata of the society at economical costs.
Reserve Bank of India has been told to examine the feasibility matter of the possibility by a multi ministerial government panel headed by the cabinet secretariat.
If RBI approves the proposal, then NokiaMoney and such other services can get entry into the financial services business of India and firms like the Bharti Airtel-Western Union JV can give mobile money transfers without using bank networks.
Presently all tie ups of corporates and banks offer money transfers by using banks’ networks.
In the meeting held on July 2 it was also decided to permit start ‘mobile-linked-no-frills account’ for all types of financial dealings to all citizens.