Mobile phones seem to be the next medium chosen by the RBI to spread banking to remote areas.

"Given the penetration levels of mobile telephony in India, this could become an important medium for achieving financial inclusion in the country," RBI said in its annual monetary policy announcement.

This means the banks need to partner more and more with mobile service providers, said the RBI.

"Co-operation rather than competition between these two important stakeholders is the critical need of the hour," it added.

This is another step taken by the RBI towards financial inclusion. The RBI also said that it is administering the recommendations which have been given by the inter ministerial group which was set by the Government in order to achieve complete financial inclusion in the country.

"Recently, an inter-ministerial group constituted by the Government of India, has made important recommendations for financial inclusion through a bank-led model using the infrastructure already set up by mobile service providers. The Reserve Bank is examining the recommendations of the Group," the central bank quoted in the credit policy review.

The Group which is headed by the Secretary of Department of IT has planned on implementation of mobile linked no-frills accounts by banks. These accounts would permit basic transactions like cash deposit, cash withdrawal, balance enquiry and transfer of money.

Mobile banking services have already been permitted in the country by the RBI.

According to Minister of state for Finance Namo Narain Meena, 32 banks have obtained permission to provide mobile banking facility in the country and 21 banks amongst them are already providing the service.

Banks can offer the service to customers but with a daily cap of Rs. 50, 000 per customer for both transfer of funds and transactions involving purchase of goods and services, Meena said.