Central Banking

RBI licenses prospective mobile phone bankers

RBI governor Raghuram Rajan

The Reserve Bank of India (RBI) announced on August 19 that 11 companies are being granted licences "in principle" to run payments banks aimed at extending finance to poorer citizens "predominantly via mobile phones".

The prospective new bankers include the biggest mobile phone banking company in Africa, as well as India's state-owned postal carrier. Mobile telephone-based banking has transformed payments in many African companies, but has yet to make such a significant impact in India.


To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: