Technical committee to look at ways to boost mobile banking

The panel will conduct a study of the challenges in mobile banking

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The Reserve Bank of India (RBI) on Wednesday constituted a technical committee to examine the feasibility of encrypted SMS-based fund transfers, using an application that can run on any handset.

The committee will study challenges faced by banks in mobile banking. It will also peruse the problems faced while introducing the unstructured supplementary service data channel and suggest solutions. The committee will also consider the advantages/ challenges of having a single application across all handsets in an SMS-encrypted environment.

The committee will also look at any other solution that could expand the reach of mobile banking and, accordingly, draw up a roadmap to implement the solutions.

B Sambamurthy, director, Institute for Development & Research in Banking Technology, will be the chairman of the committee and Vijay Chugh, chief general manager, RBI, the member-secretary. The committee members will comprise officials from State Bank of India, ICICI Bank, HDFC Bank and Axis Bank. It also includes Anthony Thomas, chief information officer, Vodafone India.

“The technical committee may include specialists in the field of mobile payments as permanent invitees,” said RBI.