The Reserve Bank of India has increased the daily transaction cap via mobile banking to Rs 50,000 per customer for both funds transfer and transactions involving purchase of goods and services, and instituted a per transaction cap of Rs. 5000 for funds transfer and Rs. 10,000 for purchases. This is a significant increase over the previous set of limits: a daily cap of Rs. 5000 per customer for funds transfer and Rs. 10,000 per customer for purchases. In additiontransactions up to Rs. 1000 can be facilitated by banks without end-to-end encryption. These changes clearly seek to address two specific issues that banks have faced in implementing mobile banking services: banks feel that end-to-end encryption for low ticket transactions was costly, and limits of Rs. 5000 and 10,000 often do not permit purchase of airline tickets. (Do also read: Not Enthused By Lack Of…
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