Wall Street Fin to move RBI for mobile banking licence

Wall Street Finance (WSFL), a financial services subsidiary of B K Modi-led Spice Global, on Thursday said it would apply to the Reserve Bank of India (RBI) for mobile banking licence.

It would seek requisite authorisations from RBI to offer and operate mobile banking, mobile payments and mobile settlement services across India, WSFL said in a statement. The company intends to apply for a core banking licence, whereby an entity can offer mobile banking solutions on a real time basis (direct debit or credit in the bank account of a person), it said. Further, an approval under the Payment & Settlement Systems Act would additionally be required for mobile banking transactions and settlements, it said.

With the acquisition of WSFL, it intended to change the way people avail of and transact financial services by technologically enabling the realisation of the financial dreams of the mobile society, it added.