Mobile Banking Norms Revised – Limit Rs. 5,000 A Day
Revising it’s mobile banking limits of Rs. 2,500 set earlier, the Reserve Bank of India (RBI) has issued guidelines to enable subscribers of mobile-banking services to send and receive up to Rs 5,000 a day through their phones.
The guidelines also allow customers to carry out transactions of up to Rs.10,000 on purchases of goods or services through their mobiles. Banks would be able to offer mobile banking services only to the account holders and those who hold debit or credit cards.
The long-term goal of the mobile banking framework in India would be to enable transfer of funds from an account in one bank to any other account in the same or any other bank on a real-time basis, irrespective of the mobile network a customer has subscribed to. [Via]
This should be very good news for companies like mCheck which powers Airtel’s mobile bill payment platform and Paymate, which had hit a bit of a roadblock till these guidelines were released.
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Filed under: Mobile
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