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.