RBI relaxing its M-banking (Mobile Banking) has raised its transaction limit to Rs 5,000 per day for fund transfers; purchases up to Rs 10,000 have been allowed. The measure from the RBI has come after numerous requests from its customer. Factually, RBI was left behind in M-banking by ICICI Bank and HDFC Bank which already have it. SBI and Axis Bank are expected to follow RBI in M-banking.

 

In its statement RBI has said that it will consider relaxing the registration procedure for m-banking on a case-to-case basis. Similarly, mobile-payment firms are hopeful that the successful roll-out of M-banking products will enable RBI to relax its norms further.

 

Commenting on raising the payment limit of Rs 10,000 per day through M-banking, Dewang Neralla, director of Atom Technologies, said that the enhanced per-day limit will give customers the flexibility to make multiple payments. At the same time he expected that RBI will increase this limit further.