Tuesday, January 25, 2011

Trai seek comment on pricing of financial service using mob phones

Telecom regulator TRAI today sought comments from various stakeholders on issues related to providing basic financial services through mobile phones like service charges and security of transactions.
"In order to identify and address the various issues related to the provisioning and pricing of delivery of financial service using mobile phone, the Authority has issued this consultation paper to seek stakeholders'' comments," TRAI said in a statement.
The last date for receiving comments is February 14, it added.
The paper sought suggestions on whether the customer would approach a Business Correspondent or its agent for opening of a non-frills account, would there be any provisioning requirements at the service provider''s end in any of the methods/options, and any other comments relating to provisioning and pricing of mobile services for financial transactions.
The government had set up an Inter Ministerial Group (IMG) to prepare a framework for the delivery of basic financial services using mobile phones. The Group submitted its report on January 14, 2011.
The IMG has advised that people, living in areas that do not have access to banks, should be able to open accounts linked to their cellphones and be allowed withdrawals of up to Rs 5,000 a day.
IMG, constituted by Cabinet Secretary in 2009, has suggested that 1.55 lakh post offices across the country should be used to provide banking services with the help of cellphones to people in rural areas.
The report also suggested a 2 per cent transaction fees to be charged from the individual.

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