RBI to Strengthen Mobile Banking Security

Reserve Bank Governor D Subbarao said mobile banking should be driven by banks, not telecom operators, considering money laundering and terror financing threats. The Reserve Bank has a clear preference for the bank-led model. He added that, however, that a mobile operator-led model helps accelerate financial inclusion.

RBI recognises that mobile telephony has an important role in the value chain and that it is keen that mobile service providers collaborate with banks to provide value-added services.

Protection of customer information and confidentiality is on the priority list as there are growing concerns about the increase in cyber crimes, phishing-related frauds, identity fraud and misuse of customer information. RBI proposed to set up a working group on information security, electronic banking, technology risk management and tackling of cyber frauds. source

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