Addressing the NASSCOM India Leadership Summit on Financial Inclusion and Technology in Mumbai, Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday announced that the Central Bank has approved in principle the setting up of a payment system which would facilitate fund transfer from bank account-holders to those without accounts through ATMs.

Rajan said that the sender can have the money withdrawn from his account through an ATM transaction.

The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw money from any nearby bank’s ATM. He said that the system will take care of the necessary safeguards of customer identification, transaction validation, velocity checks etc.

Rajan further said that people need more such innovative products. He said that there was a great opportunity for banks and telecom service providers to come together to deliver mobile banking services of all kinds in a seamless and secure manner to their customers.

Addressing the NASSCOM India Leadership Summit on Financial Inclusion and Technology in Mumbai, Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday announced that the Central Bank has approved in principle the setting up of a payment system which would facilitate fund transfer from bank account-holders to those without accounts through ATMs.

Rajan said that the sender can have the money withdrawn from his account through an ATM transaction.

The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw money from any nearby bank’s ATM. He said that the system will take care of the necessary safeguards of customer identification, transaction validation, velocity checks etc.

Rajan further said that people need more such innovative products. He said that there was a great opportunity for banks and telecom service providers to come together to deliver mobile banking services of all kinds in a seamless and secure manner to their customers.

JPN/Bureau

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