Trai seeks telcos' opinion on mobile banking

Thursday, 28 October 2010, 17:21 Hrs
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New Delhi: 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.
Source: PTI
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