Customers can buy goods up to Rs 50,000 using mobile
Transferring funds or shopping for up to Rs 50,000 is now as easy as texting on your mobile, with the RBI has substantially increasing the limit for m-banking.
Mumbai: Transferring funds or shopping for
up to Rs 50,000 is now as easy as texting on your mobile, with
the Reserve Bank of India today substantially increasing the
limit for m-banking.
"Banks are now permitted to offer this (mobile banking)
service to their customers subject to a daily cap of Rs 50,000
per customer for both funds transfer and transactions
involving purchase of goods/services," RBI said in a
Earlier, the limit on fund transfer through mobile phone
was at Rs 5,000 and on purchase of goods and services at Rs
The RBI has also pegged the limit for cash transfer
through ATMs or business correspondents at Rs 5,000 per
transaction subject to a monthly ceiling of Rs 25,000.
Under the scheme, an account holder can transfer money
through mobile to another person who will receive the cash
either through an ATM or a business correspondent.
Of the 32 banks that have been allowed by the RBI to
provide mobile banking facility, 21 lenders have already
started these services.
Earlier this month, RBI Deputy Governor K C Chakrabarty
had hinted at raising the limit by pointing out that
transaction limits of Rs 5,000 and Rs 10,000 were not
sufficient for purchase of airline tickets.