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Recommendations on Policy & Regulatory Guidelines for Mobile Banking in India

Mobile banking requires transparent and clear policy and regulations in order to provide privacy and safety on personal data and about the precision of the transmitted data and its potential misuse while carrying out mobile electronic financial transactions. The contracting parties, therefore, should be able to count upon the law to enforce the provisions of contracts that are concluded using (mobile) electronic devices, if required. Further, the customer should be able to trust the privacy of his personal sphere. A clearly defined regulatory framework is, hence, indispensable to boost consumer confidence and increase acceptance amongst broad sections of the society as well as to ensure smooth functioning of Mobile business. In this paper, we have discussed the various legal factors and regulatory challenges which affects secure electronic financial transactions, Existing Guidelines of Indian IT Act 2000, Recommendations based on our study on Policy and Regulatory Guidelines to Indian Government for Mobile Banking, Suggested Recommendations & Guidelines to Indian Banks while providing mobile banking Services to their customers, and certain guidelines to the customers while using mobile banking services.