Before I conclude, let me reiterate that the mobile phone is a potent tool to facilitate financial services and thus financial inclusion. It has the potential but the security and cost aspects have to be addressed. The medium of mobile has to sub-serve smaller transactions and must become cheaper.
The Reserve Bank has for well considered reasons opted for a bank-led model as it is a complete model for delivery of a wide range of services. Just as you cannot have tele-medicine without a doctor, you cannot have mobile banking without a bank!