The Reserve Bank of India has updated its "Mobile Banking transactions in India - Operative Guidelines for Banks". The guidelines, relatively conservative in tone, constrain the size (both per transaction and per day) of mobile banking transactions and limit service providers to banks.

Here are commentaries from The FInancial Express - "Mobile banking may cost you dear" and The Economic TImes - "RBI lays down norms for mobile banking".

Just for fun, here's a word cloud from the guidelines (created using Wordle):

Dave Birch writes on the Digital Money Forum blog about how contactless stickers are emerging as the way for the mobile operators to simply be bypassed in the move to mobile payments. Here in the US, First Data's GO-Tags are one example - as demonstrated to delegates at the recent Democratic Convention in Denver.

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