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RBI prescribes Rs 2,500 limit per mobile banking transaction

Reserve Bank of India has issued operative guidelines for mobile banking transactions. The guidelines aim to facilitate bank customers in India transfer funds from an account in one bank to any other account in the same or any other bank on real time basis, irrespective of the mobile network a customer has subscribed to.

Reserve Bank of India has issued operative guidelines for mobile banking transactions. The guidelines aim to facilitate bank customers in India transfer funds from an account in one bank to any other account in the same or any other bank on real time basis, irrespective of the mobile network a customer has subscribed to.

According to the RBI guidelines, a transaction limit of Rs 2,500 should be imposed per mobile banking transaction. This is subject to an overall cap of Rs 5,000 per day, per customer. Banks may also put in place monthly transaction limits depending on the bank’s own risk perception of the customer.

The Reserve Bank has also asked banks to put in place a system of document-based registration with mandatory physical presence of their customers, before commencing mobile banking service. RBI has also said that all mobile banking shall be permitted only by validation through a two-factor authentication, including mPIN. [Source: Indian Express ]

Update

RBI has increased the transaction limit for per mobile banking to Rs 5,000. The overall cap has also been doubled to Rs 10,000 per day, per customer. [Source: Economic Times ]

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