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Latest Library Documents :
Universal Financial Inclusion through Electronic Payments

Laveesh Bhandari, Sumita Kale

This paper argues that universal access to electronic transactions is critical for ensuring financial inclusion. The RBI has through its recent actions created a highly progressive regulatory regime that would enable both innovation and entry of new providers of financial and e-transaction services. Moreover, the ideal mode or ‘pipe’ through which such services can be provided – the mobile phone – is already widely accessible for the underprivileged. However, constraints in the mobile VAS sector are preventing further movement in this space. An enabling environment requires the Mobile Service Providers to be more accepting of competition and transparency, barring which regulatory action in the MVAS will become critical to ensure greater financial inclusion. Just as the RBI has created an enabling environment in the financial regulation space, TRAI and the mobile industry need to create an enabling environment in the electronic communication space. Only when this is achieved can we hope for further cost efficient innovations in the micro-credit space that will finally ensure universal financial inclusion.


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Regulatory Framework For Mobile Financial Services

Prof. Dr. Rolf H. Weber

Regardless of the details of a ‘mobile-money’ regime, mobile operators take increasingly part in mobile financial services, playing a crucial role in expanding the business. From a regulatory and supervisory point of view, the question must be answered whether the execution of mobile financial services is so close to a deposit-taking activity (as the  provider starts acting in a bank-like manner) that compliance with banking regulation is a matter of public interest. In any case, the growing importance of mobile financial services providers implies that telecommunications regulators and banking regulators will inevitable have to coordinate their activities and share information and know-how. India would be an ideal place to become an experimental ‘legal laboratory’ tackling the difficult question of when banking regulation should be applied to providers of mobile financial services and to what extent the specificities of mobile financial services imply a different regulatory treatment. It is in the interest of both the private providers and the public to make the offering of mobile fi- nancial services a reliable, safe, and promising business that acknowledges the importance of customer protection.


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