The banks will have to be responsible for ensuring quality of funds, KYC, etc. We have in fact permitted banks to enable cross border bank account to bank account remittance through the medium of mobile subject to clearance from the local regulator.
At the beneficiary end, we have enabled loading of funds received from overseas under the Money Transfer Service Scheme (MTSS) scheme on to a prepaid payment instrument issued by a bank, which could include a mobile wallet, to the recipient of the funds. Conclusion 16.