As per the latest notification by Reserve Bank of India (RBI) numbered RBI/2011 -12/312 DPSS.CO.PD.No. 1098 / 02.23.02 / 2011-12, dated December 22, 2011 , RBI has invited a reference to the guidelines appended to its circular no. RBI / 2008-09 / 208, DPSS.CO.No.619 / 02.23.02 / 2008-09 dated October 08, 2008, followed by directions issued vide circulars RBI / 2009-10 / 273, DPSS.CO.No.1357 / 02.23.02 / 2009-10 dated December 24, 2009 and RBI/2010-11/511, DPSS.CO.No.2502 / 02.23.02 / 2010-11 dated May 4, 2011 on the captioned subject.
Banks are increasingly extending mobile banking facilities (financial) to their customers. Interbank Mobile Payment Service (IMPS) developed and operated by National Payment Corporation of India (NPCI) has also enabled real time transfer of funds through the medium of the mobile phone between accounts in different banks. The volume and value of mobile banking transactions is also showing an uptrend.
In terms of Para 2.1 of RBI’s circular dated December 24, 2009 , a transaction limit of Rs. 50,000/- per customer per day had been mandated. On a review it has been decided to remove this cap. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.
RBI has also clarified that the directions under Para 3 "Remittance of funds for disbursement in cash" of its circular dated December 24, 2009 stands superseded with the directions contained in our circular RBI / 2011-12 / 213 DPSS. PD. CO. No. 622 / 02.27.019 / 2011-2012 dated October 05, 2011 .
All other provisions of the extant guidelines on mobile banking remain unchanged. The directive is issued under Section 18 of Payment and Settlement Systems Act, 2007, (Act 51 of 2007) and shall come into force from the date of this circular.
