Tips to do Safe Mobile Banking
Make sure your mobile banking is secure
Providing the framework for enabling mobile payments services to banking customers would generally involve the collaboration of banks, mobile payments service providers and mobile network operators (MNOs). The service can also be provided as a proximity payment system, where the transactions are independent of the MNOs. In mobile payment systems, the banks provide the basic service framework, ensure compliance to KYC/AML norms, creates a risk management and mitigation framework, and ensures settlement of funds. These are the principles set up RBI. Make sure your bank provides all these facilities. Only such banks which are licensed and supervised in India and have a physical presence in India can offer mobile payment services to residents of India.
