The Reserve Bank of India (RBI) has constituted a technical committee under the chairmanship of B Sambamurthy, director, Institute for Development & Research in Banking Technology, to examine the feasibility of encrypted SMS-based fund transfers, using an application that can run on any handset. Mr. Vijay Chugh, chief general manager, RBI is the member-secretary. The committee members will comprise officials from State Bank of India, ICICI Bank, HDFC Bank and Axis Bank. It also includes Anthony Thomas, chief information officer, Vodafone India.
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