The Reserve Bank of India (RBI) today issued guidelines to enable subscribers of mobile-banking services to send and receive up to Rs 5,000 a day through their phones.
The guidelines also allow customers to carry out transactions of up to Rs.10,000 on purchases of goods or services through their mobiles.
The RBI said the banks would be able to offer mobile banking services only to the account holders and those who hold debit or credit cards.
On September 20, the RBI had proposed that the mobile banking customers be allowed to carry out transactions of up to Rs 2,500 per day through their handsets. The central bank today said mobile banking services could be offered by only those banks which have implemented core banking solutions. Cross-border transfers would not be permitted.
The central bank said the long-term goal of the mobile banking framework in India would be to enable transfer of funds from an account in one bank to any other account in the same or any other bank on a real-time basis, irrespective of the mobile network a customer has subscribed to.
“To meet the objective of a nation-wide mobile banking framework, facilitating inter-bank settlement, a robust clearing and settlement infrastructure operating on a 24x7 basis would be necessary
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