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.

[via medianama]

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