Driven by the rapid growth in the number of mobile phone subscribers in India, the country’s apex bank (RBI) has finally issued guidelines for mobile banking.
According to the guidelines, a transaction limit of $55 (Rs 2,500) will be imposed on all mobile banking transactions, and there will also be an overall cap of $110 (Rs 5,000) per day, per customer. The guidelines also say that the banks may also put in place a monthly transaction limit, depending on the bank’s own risk perception of the customer.
Proper levels of encryption and security are to be implemented at all stages to guard against the use of mobile banking in money laundering, frauds and so on.