Mumbai: Banking regulator Reserve Bank of India on Thursday increased the transaction limits for mobile banking five-fold, besides opening it up for a wider range of transactions. “Banks are now permitted to offer this service (mobile banking) to their customers subject to a daily cap of Rs50,000 per customer for both funds transfer and transactions involving purchase of goods/services,” the central bank said in a notification on its website.
Presently, such transactions are subject to caps of Rs 5,000 for fund transfer and Rs10,000 for purchases. RBI also allowed the use of mobile phones for cash remittances. Banks will now be able to provide fund transfer services that lets customers transfer funds from their accounts for delivery in cash up to Rs5,000.
“’The disbursal of funds to recipients of such services can be facilitated at ATMs or through any agent(s) appointed by the bank as business correspondents,” RBI said.