Norms for mobile banking

The Reserve Bank has proposed to come out with a regulatory and oversight framework for mobile banking. Stating that the use of mobile communication for banking transaction would assume greater importance in future, the RBI8217;s draft 8216;Financial Sector Technology Vision 2008-108217; document said, 8220;efforts would be channelised to provide for standards for such systems8230; and suitable regulatory/oversight framework.8221; The draft vision document said large scale spread of mobile telephony has opened up new vistas for banking in the form of mobile banking.