In order to bring about the efficient roll out of mobile banking facilities in the country, the regulators namely he Telecom Regulatory Authority of India (Trai) and the Reserve Bank of India (RBI) have reached a consensus. This step would be beneficial in rolling out mobile banking at a heightened speed which would also act towards financial inclusion drive of the Government.

Sources revealed that Trai would be taking care of all the interconnection issues and RBI would take care of the banking related issues like the maximum amount of transaction allowed per day, the know your customer guidelines and verification criteria etc.

This decision is a relief for telecom operators who were in fear of getting stuck in regulatory issues.

These fears had taken a toll follwing the Sebi -IRDA turf. The Sebi - IRDA turf was solved last week with the government passing an ordinance in favor of IRDA.