 Regulatory Update

 Consumer Needs in Mobile Money Transfer Card to Card Inter-Bank Settlement -Takes 24 to 72 hours ( Visa Net/MasterCard) - Consumer needs instant money. Account to Account -Only via Cheque and this takes anywhere between 1 to 3 days provided this not an outstation cheque(15/20 days) - Consumer should be able to send “instant” e-cheque. Cash-In & Cash-Out -India is pre-dominantly a cash economy. -However regulations today does not allow Mobile Operators/other companies except for NGO’s/section25 companies via the Business Correspondent Route

 Regulatory Requirements for Mobile Money Transfer Allow Mobile Operators upto a limited transaction amount to -To do online settlement with the customer’s bank account which would be registered with the bank and the Telco -To collect the settlement for the customer to be delivered to a pre- registered bank account. -To dispense cash Electronic Cheques on Mobile -To be allowed -Settlement should be instant & online

 Regulatory Requirements for Mobile Money Transfer KYC Requirements -Customer who is carded with Credit/Debit card should be treated as KYC compliant for Cash-In/Cash-out. -Same for customers with a bank account/government ID’s -Same for customers with mobile phones, since mobile companies are already KYC compliant on their customer base

 Thank You