RBI Removes INR 50K Cap on Mobile Banking Transactions
RBI (Reserve Bank of India) has removed INR 50,000 cap on mobile banking transactions. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.
Mobile banking in India is set to generate fee-based income of Rs 20,250 crore over the next five years, mainly driven by lower transaction cost, favourable regulatory environment. By 2015, $350 billion in payment and banking transactions could flow through mobile phones, compared with about $235 billion of total credit- and debit-card transactions today [Report: Mobile Banking & India].
Also see: Nokia Money goes live pan-Indiahttp://www.nextbigwhat.com/rbi-removes-cap-from-mobile-banking-transactions-297/Tech, Life & Design