Reserve Bank of India governor Raghuram Rajan plans to "accelerate" the dialogue between banks and telecom service providers in the hope of providing the Indian population with the ability to make cheap and safe payments through their mobile phones.

Rajan told an audience in Mumbai that "a lot is already happening" in the field of payments, but stressed that "we are still not where we should be either on mobile payments or on direct benefit transfers".

He said the key to offering cheap and