##s, where cash withdrawal is not permitted as of now. however, we are considering the cash withdrawal from such wallets subject to certain legal / statutory clearances. however, mobile banking has not picked up in a big way due to constraints of mobile numbers registration, user authentication, user interface etc. 24. reserve bank had recently set up a technical committee on mobile banking ( chairman : shri b. sambamurthy ) to examine the operational as well as technical issues and challenges faced presently by banks in leveraging upon mobile density and advancements in mobile technology to meet the objectives of financial inclusion. in india, despite high mobile density, it is also a reality that most of these handsets are basic ones and many of these connections belong to the category of prepaid subscription base. these constraints cannot be lost sight of if mobile technology has to be harnessed as the medium to deliver basic financial services to large masses. 25. this committee has recommended interalia, the need for a standardised and simplified procedure for registration / authentication of customers for mobile banking services, a cohesive awareness programme to be put in place, adoption of common application platform across all banks to be delivered to the customers independent of the handset being used along with use of sms and ussd technology for providing necessary level of security ( through encryption ) for such transactions. 26. in this context, inter - regulatory cooperation has also been underscored through the issuance of necessary guidelines by the telecom regulatory authority of india which has prescribed the optimum service parameters as also ceiling on transactional cost for extension of the ussd services by telecom operators to the banks and their agents. the efforts already taken by npci for a common ussd gateway for banks can now be taken forward towards fruition. here is a great opportunity for very important stakeholders – banks and telecom service providers – to come together to deliver the mobile banking services in a seamless and secure manner to their customers. let me make a suggestion. to start with, for mass application of the handheld devices for payment of bills, why not we integrate gas booking for residences with mobile technology for payment. this would eliminate payment of bis central bankers ’ speeches cash to the dealers, which is a great carry risk. there could be many more such applications but gas payments could be a significant step to inculcate the mobile payment culture. 27. in the context of mobile banking, the following questions still remain without satisfactory answers : ( a ) given the recent developments and the enabling conditions

assets ”. but have we even attempted to create assets in its true sense out of these resources? ( b ) what have we done to keep up the levels of motivation among our employees? ( c ) have we gone – at least thought – beyond traditional aspects of rewards and incentives? ( d ) is our hr environment conducive to promoting growth of the institution as also that of its personnel? intellectual capital leading to innovation 8. innovation leads the way in all industries and banking is no different. a few decades back, this statement may not have held any water ; but now this holds the key to success. innovation in banking takes 3 dimensions – product, technology as also the process. innovation needs organizational support particularly from the top management, to succeed. 9. with regard to innovation, satya nadella, ceo, microsoft, in his first letter to the microsoft employees, observed : “ while we have seen great success, we are hungry to do more. our industry does not respect tradition – it only respects innovation ”. this is the importance that successful companies give to innovation. 10. i like to cite a few successful examples from industries other than banking. in the news recently is the case of whatsapp! it is amazing to note that a company consisting of 55 persons could acquire an intrinsic value of $ 16 billion in a matter of a few years. let us understand the innovative capability of the product. it has managed to bring together 400 million users with the help of a smart phone and a simple business plan. 11. why can ’ t such products be emulated in the banking sector? are we making available a sound innovation framework, including adequate organizational support? let us introspect. i am sure it is not easy but should we not at least make the right attempts? 12. we need to also look at customer oriented innovation. most of the innovative steps taken by banks in the recent past have a bearing on the profitability of banks, on their own operational improvements, better housekeeping and the like. how many of us can look back and identify the innovations which have resulted in customer delight, or if not, at least better customer satisfaction? i am reticent of challenging you openly with this question as i am a little skeptical about the outcome. but let us at least begin, now that banks are looking beyond the cbs. bis central bankers ’ speeches data quality – standardisation – the new normal? 13. at the base of all information processing is data