Central Banking

RBI sets up mobile banking committee

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The Reserve Bank of India (RBI) has set up a special committee that will look into the possibility of introducing an SMS-based payment system allowing millions of currently ‘unbanked' Indians to make financial transfers via their cell phones.

The committee, which is due to report by the end of the year, will consider the advantages of having a single application that can run on any type of handset, the RBI said, adding that "any optimal solution that would take mobile banking to every nook and c

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