often not appreciated when citing these success stories that only one service, i. e., a remittance product, is being offered and not the complete bouquet of financial services envisaged by us. the other three products identified under financial inclusion can obviously not be offered by a non - bank. moreover, particular environments in a few countries enabled the non - bank led model to be successful viz. presence of a monopoly operator, very poor banking infrastructure and availability of a source – npci. bis central bankers ’ speeches national identification number. is it not surprising that the same success story has not been repeated by the same service operator in a neighbouring country? cross border remittance through mobile banking 14. an issue that has been often raised is that if mobile banking has the potential of reaching anywhere, why cross - border remittance through mobile banking is not permitted liberally or why it is not taking off? one of the regulatory challenges in encouraging inward remittance from abroad is to maintain a balance between regulatory - compliant flow of funds ( for example, whether they are bona - fide current / capital account flows ) and ease of transfer of funds to the beneficiary. given the higher level of anonymity in cross - border transactions, concerns on the associated aml / cft related risks and the fact, as has been acknowledged in a world bank report, that with a very few exceptions, supervision of m - money has really not been implemented effectively, reserve bank has allowed only banks and authorized entities to undertake such cross - border transactions. to obviate any operational difficulty in remitting and receiving funds, bank account - to - bank account cross - border remittance has been permitted under the money transfer service scheme ( mtss ). realizing the need for facilitating hassle - free withdrawal of funds at the beneficiary end, reserve bank has also permitted transfer of funds to the beneficiary ’ s account or to a pre - paid instrument ( ppi ) issued by banks which could be m - wallet also. the underlying rationale is to ensure flow of cross border funds through the banking channel only irrespective of the media, ( which could also be mobile sets ) opted for undertaking the transactions. customer ownership and grievance redressal 15. the most often faced problem in mobile banking is as to who owns the customer – the mobile network operator ( mno ) or the bank? whom shall the customer contact in case of

##m, thereby, increasing business and profitability. robust it security and finally better it governance for achieving better risk management should be the key focus areas of the banks beyond the physical implementation of cbs in the coming years. 21. banks need to know that it holds the way forward for a more cost effective and yet, inclusive banking system. they also need to remember that banking is about branding and relation building with customers and in this relation building, it can be an important instrument. it is the realisation of this potential of it among banks and their ability to harness this potential that would pave the way for growth of the banking sector in the years to come. 22. i thank the idrbt for inviting me over to share my thoughts with you all, and wish the deliberations of the roundtable all success.