After keeping a strict eye on irksome SMSes and calls, Telecom Regulatory Authority of India (TRAI) has issued new guidelines for mobile phone banking in a bid to make banking through mobile phones faster and safer. The regulatory authority has formed rules and established quality standards to be followed by the telcos involved in mobile banking.
Airtel recently jumped in this biz, while Loop mobile also offers Money Wallet service. The regulator also wants service providers to facilitate the bank to use WAP or SIM Application ToolKit. The TRAI notes that the operators have already been using these platforms therefore they do not need to make additional investments.
The regulator has also mandated if SMS sent by the bank is not delivered to the customer due to network or handset related problems, an USSD communication confirming the completion of the transaction should be sent to the customer.
The service providers are also asked to ensure that for availing banking services such as cash deposit, cash withdrawal, money transfer and balance enquiry, the customer is able to complete the transaction in not more than two stage transmission of message in the case of SMS or not more than two stage entry of options in the case of USSD and IVR.