Mobile banking increasing in India
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13 apr 2009 - Mobile banking increasing in India
The number of mobile users is estimated to have far surpassed the number of Internet users in India. This has instigated a huge growth in the use of mobile banking applications with leading banks adopting mobile transaction platforms, and the Central Bank, Reserve Bank of India, (RBI) publishing guidelines for mobile banking operations.
The country's financial regulatory body RBI, have relaxed the rules on mobile banking by raising the cap on fund transfers as well as mobile-based payments. The fund-transfer limit is increased from Rs 2,500 a day to Rs 5,000 a day. The regulator has also provided a cap of Rs 10,000 for purchases through mobile, following requests from banks to raise the limits for mobile banking transactions.
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