RBI, currently, does not have the power to supersede the Board of Directors of a banking company. In the Banking Laws Amendment Bill, 2011 amendments are being proposed for conferring such a power on RBI, for being used with appropriate safeguards.
Today, banks in India are permitted to facilitate funds transfer between bank accounts through a mobile phone. To enable such transfers in a cost-effective manner particularly for the small ticket transactions, we have waived the need for end-to-end encryption for transactions of value up to Rs.