RBI governor Dr. Y V Reddy is keen to get M-Commerce rolling in India. The Institute for Development and Research in Banking Technology (IDRBT) is currently testing banking transactions by means of Mobile phones. However, Dr. Reddy is well aware that it needs to be a full proof system without which he is unlikely to sign off on the regulation. He said,
“We have to make sure that there are enough safeguards. We have to check its feasibility, the security and safeguards, including the know-your-customer norms”
Maybe Dr. Reddy is aware of the security glitches in e-commerce and has made sure that without adequate safeguards, m-commerce for banking is worthless.
Tags: Mobile India, Mobile Banking , m-commerce