We must see it as the giant leap of the banking industry – leveraging technology to promote anytime and anywhere banking and more deeper and sustainable financial inclusion. Origin and potential of mobile banking in India 5. Recognizing the potential of mobile banking, Reserve Bank of India issued the first set of guidelines in October 2008.
The guidelines defined mobile banking as undertaking banking transactions using mobile phones by bank customers that would involve credit/debits to their accounts. This definition in a sense provided larger canvas to mobile payments which in a narrow sense involved only payment made for a product or service using the mobile phone either remotely or at the point of sale (PoS).