RBI Renovates Mobile Banking Norms, Transact up to 50,000

By December 26th, 2009 AT 12:03 PM

If you are Mobile Banking users than here is the good news for you! Reserve Bank of India increased the transaction limits for mobile banking five times, Now all Banks are permitted to offer mobile banking to their customers subject to a daily cap of Rs.50,000 per customer for transactions on-line shopping and involving purchase of any goods or services, as well as funds transfer.

Currently, all the mobile banking transactions are limited to caps of Rs.5000 for fund transfer and Rs.10000 for on-line shopping. The Reserve Bank of India also allowed the use of mobile phones for cash remittances. All Banks in India will now be able to provide fund transfer services that let customers transfer funds from their accounts for delivery in cash up to Rs.5000.

The RBI also relaxed the technology and security standards and allowed banks to undertake transactions up to Rs.1000 without end to end encryption.

4
Leave a Reply

avatar
Photo and Image Files
 
 
 
4 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
3 Comment authors
DebvinayAgnivo Recent comment authors
newest oldest most voted
Deb
Deb

Mobile banking provided by SBI, IOB, ICICI, HDFC(through ngpay), and may be some other banks. A specific application provided by respective bank. through the application some limited transaction can made, i.e. fund transfer, prepaid mobile recharge, billpay to “REGISTERED BILLER”, a/c inquiry. There is no flexibility of payment to all online transaction.

vinay

whats difference between phone banking n mobl banking coz both use phones. i hv used phone bnk but not aware of mbl bankng! thanx.

Recent Posts

Tata Sky Mobile App Closes on JioTV By Offering Over 400 Live TV Channels

Currently, OTT applications and live TV applications are all the fad in the market. These apps have allowed the smartphones...

Tata Sky HD Set-Top Box for Multi TV Users Now Available at Rs 1,199

Tata Sky has a unique Multi TV policy in place under the customers are paying Rs 153 NCF charges even...

JioFiber Substitute Broadband Plans That You Could Consider for a Worthy Alternative

Reliance JioFiber has introduced many plans for the interested customers who want to get a high-speed fibre connection. It was...