RBI Governor Raghuram Rajan plans for SMS based Fund Transfers


As Raghuram Rajan took over as the new Governor of Reserve Bank of India (RBI), the prospects appear highly promising for Indian Economy in next 3 years.

The following is an excerpt from his speech that promises a bold future for Mobile Commerce in India.

‘There is substantial potential for mobile based payments. We will set up a Technical Committee to examine the feasibility of using encrypted SMS-based funds transfer using an application that can run on any type of handset. We will also work to get banks and mobile companies to cooperate in rolling out mobile payments. Mobile payments can be a game changer both in the financial sector as well as to mobile companies’

Our new Governor certainly foresees SMS & MOBILE services as a game changer for Monetary Transactions. Considering  that Indian masses have shown very little interest in previous M-commerce initiatives, this step would definitely encourage individuals to carry out transactions through MOBILE Services. Especially with encrypted SMS which assure more security & confidentiality for transacting.

In Raghuram Rajan, we see the much needed leader to take hold of the economy and point it in the right direction.

About our 23rd Governor
Holding a bachelor’s degree from IIT-Delhi, he earned his MBA in 1987 from IIM-Ahemdabad bagging Gold Medals at both the institutes. Followed by a PhD in 1991 from Massachusetts Institute of Technology.

Heartiest congratulations to our new RBI Governor!

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