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Journalism of Courage
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 RBI’s draft ‘Financial Sector Technology Vision 2008-10’ document said, “efforts would be channelised to provide for standards for such systems… and suitable regulatory/oversight framework.” The draft vision document said large scale spread of mobile telephony has opened up new vistas for banking in the form of mobile banking.
