Technical committee to look at ways to boost mobile banking

The Reserve Bank of India (RBI) on Wednesday constituted atechnical 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.

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