 "RBI relaxes cap on transactions through mobile phones")
**Mumbai:**To allow customers totransfer bigger amounts through mobile phones, and considering the growing popularity ofthe system, the RBI today removed the Rs 50,000 transactionlimit through mobile phones.
“On a review it has been decided to remove this cap (ofRs 50,000 per customer per day),” the Reserve Bank said in anotification.
The central bank, however, added that lenders may placeper transaction limits based on their own risk perception withthe approval of their boards.
[caption id=“attachment_163466” align=“alignleft” width=“380” caption=“The RBI said thevolume and value of mobile banking transactions through cell phones is showing an uptrend.Reuters”]
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It said banks are increasingly extending mobile bankingfacilities to their customers.“Interbank Mobile Payment Service (IMPS) developed andoperated by National Payment Corporation of India (NPCI) hasalso enabled real-time transfer of funds through the medium ofthe mobile phone between accounts in different banks. Thevolume and value of mobile banking transactions is alsoshowing an uptrend,” the RBI said.
The cap of Rs 50,000 was fixed by the apex bank in 2009.RBI’s latest decision comes a few months after it doubledthe transaction cap on small money transfers throughconventional means to Rs 10,000 with a view to facilitating
fund transfers to people, particularly migrants, who do nothave bank accounts.
PTI