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RBI has removed the cap in mobile banking in India

Reserve bank of India has removed the maximum limit cap of maximum limit per customer per day for the mobile banking. In India the mobile banking is trend to increase and for encouraging the customers of banks, it is decided to remove cap for the mobile banking. Full circular is as under.

RBI/2011 -12/312
DPSS.CO.PD.No. 1098 / 02.23.02 / 2011-12
December 22, 2011
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks
Madam/ Dear Sir
Mobile Banking Transactions in India - Operative Guidelines for Banks

2. Banks are increasingly extending mobile banking facilities (financial) to their customers. Interbank Mobile Payment Service (IMPS) developed and operated by National Payment Corporation of India (NPCI) has also enabled real time transfer of funds through the medium of the mobile phone between accounts in different banks.  The volume and value of mobile banking transactions is also showing an uptrend.

3. In terms of Para 2.1 of our circular dated December 24, 2009, a transaction limit of Rs. 50,000/- per customer per day had been mandated. On a review it has been decided to remove this cap. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.

4. It is also clarified that the directions under Para 3 "Remittance of funds for disbursement in cash" of our circular dated December 24, 2009 stands superseded with the directions contained in  our circular RBI / 2011-12 / 213 DPSS. PD. CO. No. 622 / 02.27.019 / 2011-2012 dated October 05, 2011.

5. All other provisions of the extant guidelines on mobile banking remain unchanged.
6. The directive is issued under Section 18 of Payment and Settlement Systems Act, 2007, (Act 51 of 2007) and shall come into force from the date of this circular.
Yours faithfully,
(Vijay Chugh)
Chief General Manager

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