RBI issues Mobile Banking guidelines – doubles the transactional limit
RBI earlier issued the mobile banking guidelines draft that put a limit of Rs. 2,500 per transaction and 5,000 for daily transaction.
Following consultation with Industry bodies, RBI has doubled the max. limit on transaction:
- For the present, banks are permitted to offer this facility to their customers subject to a daily cap of Rs. 5000/- per customer for funds transfer and Rs.10,000/- per customer for transactions involving purchase of goods/services.
- The services shall be restricted only to customers of banks and/or holders of debit/credit cards
- Only banks who have implemented core banking solutions would be permitted to provide mobile
banking services. - In future, interoperability between mobile banking service providers and banks and development of a host of message formats. To ensure inter-operability between banks, and between their mobile banking service providers, banks shall adopt the message formats like ISO 8583, with suitable modification to address specific needs.
The guidelines seems quite fair enough and we will present perspectives from different entities in the value chain.
Do you think these are fair amount to start off the mobile banking revolution?
Download the report (pdf)
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Still quite low in my opinion. Flight tickets with return journey would easily cross that amount and so would a mid-level cellphone. But the good thing is that RBI is at least listening.
Yep – + thing is that its a good number to start off – spoke to few CEOs of m-banking cos. and they are quite okay with the guidelines.
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