As per the news item appearing in The Economic Times, Reserve Bank of India (RBI) and Home Ministry strongly opposed the Government's idea of a cost-effective, convenient and efficient mobile based model of financial services that allows transfer of funds outside the banking system.
While RBI is concerned that regulating the system will be difficult and it would cause uncontrolled credit creation outside the Banking System, the Home Ministry is concerned about the misuse of the facility from a security consideration.
In October2008, RBI came out with operative guidelines for mobile banking.
Source: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Mobile-banking-fails-to-take-off-as-RBI-home-ministry-oppose-move/articleshow/5282674.cms
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