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Mobile Banking in India – RBI Guidelines

The Reserve Bank of India issued a new set of guidelines for Mobile Banking in India, highlights below.

Mobile Banking can now be offered to customers without any debit or credit cards too.
In order to register for Mobile Banking, the customer should be physically present. But there could be relaxation applied later.
Banks will have to offer the mobile banking service with all mobile operators, before 6 months of the start of Mobile Banking.
Mobile banking customers are allowed to transfer funds of a maximum of Rupees 5000 daily, and purchase goods or services worth Rupees 2500 (total Rupees 7500 per day).
Banks may put in place end-to-end encryption of the mobile PIN number (mPIN) for better security.
Internet login IDs and Passwords can be used for mobile banking also.