Customers can buy goods up to Rs 50,000 using mobile
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Last Updated: Thursday, December 24, 2009, 21:22
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 notification.

Earlier, the limit on fund transfer through mobile phone was at Rs 5,000 and on purchase of goods and services at Rs 10,000.

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.


First Published: Thursday, December 24, 2009, 21:22

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