Central Banking

New payments model needed, says RBI

The Reserve Bank of India (RBI) has suggested that a change in its regulatory regime, allowing migration to a new payments model featuring the use of mobile phones and pre-paid cards, could soon be under way.

The central bank's first review of payments and settlements system in India indicates that the central bank would have to make regulatory changes to allow customer accounts to be held at mobile companies and pooled accounts at banks.

It also suggests that acceptance and disbursal of cas