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RBI asks banks to charge for SMS alerts on actual usage basis

The RBI on Tuesday asked banks to charge customers for transaction SMS alerts on the basis of usage, instead of imposing a fixed fee, to ensure equity and be reasonable.

SBI to charge customers Rs 60 per year for SMS alerts

State Bank of India (SBI) customers will have to pay Rs 60 per year for getting SMS alerts, a move which is likely to be followed by other public sector lenders.

SMS alerts to caution investors against fraud schemes soon

The plan to send SMS alerts, expected to be ready by end of this month, is part of larger efforts to create awareness among investors amid rising instances of people getting duped by fraudulent investment schemes.