The Indian government may soon allow mobile operators and corporate bodies to offer services other than checking account status on mobile phones as a part of its efforts to bring banking facilities to the weaker sections of the society at affordable costs.

Reserve Bank of India has been asked to look into the feasibility issue of the prospect by a multi ministerial government panel led by the cabinet secretariat.

In case RBI gives its nod to the proposal, then NokiaMoney and other services of the kind can gain entry into the financial services sector of India and and entities such as the Bharti Airtel-Western Union joint venture can offer mobile money transfers without utilising bank networks.

Currently all tie ups of corporates and banks make money transfers using banks' networks.

The first multi ministerial meeting held on July 2 also decided to allow opening of ‘mobile-linked-no-frills account' for all kinds of financial transactions to all citizens.