However, the extent and the manner in which m-commerce should be facilitated needs a cautious and well considered approach keeping in view the concerns on money laundering and financial terrorism and the stability of the payment and settlement systems. Further, any non bank service provider in the e payment cycle has to model his business based on fees and not on float.
Funds management is best left to banks. While this is the policy has stood the test of time, RBI is not averse to any idea of revisiting this approach if this arrangement fails to meet the objective of total financial inclusion. Thank you. BIS Review 161/2009  7