Central Banking

RBI abolishes limit on mobile banking transactions

Person operating a mobile phone and laptop

The Reserve Bank of India in December removed the ceiling previously set for the amount of money that could be involved in mobile banking transactions in a single day.

Under 2009 guidelines, a limit of 50,000 rupees ($944) per customer, per day, was set for mobile banking payments. Following the late December decision, banks are now free to place transaction limits based on their own risk perception.

India has gradually been relaxing its rules on mobile banking since very strict rules were

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