Mobile Funds transfer
The Reserve Bank of India has removed the ceiling of Rs 50,000 per customer per day limit on mobile banking. Henceforth banks are now free to place per transaction limits based on their own risk perception with the approval of its Board. The move will facilitate banks to come out with innovative mobile banking solutions for business. Even with the existing limit, Citibank had this month launched a cash-to-mobile service which enabled companies with a wide retail network like Coca-Cola collect mobile payments from retailers on delivery. Bankers say that the move was inevitable as increased convergence would make it difficult to distinguish between mobile banking and internet banking. For instance, a customer could access his internet banking account through a tablet using mobile networks. RBI said that the earlier limit was imposed in 2008 as the mobile technology at that time was relatively new.