....For a start, the Reserve Bank of India requires wireless companies or “non-banks” to partner with banks to offer mobile banking services, leading to tight controls on business. One reason is that only banks are permitted in India to accept deposits for maturity of less than one year. “Going for a bank-led model was a conscious decision,” Alpana Killawala, spokeswoman at the central bank, wrote in an e-mailed response to questions from Bloomberg News. The regulator is also concerned about “customer service issues”associated with the telecommunications company-led model, such as insufficiency of funds at the paying outlet, she wrote. ....
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