For SBI PO-RRBs-IBPS PO/Clerk
RBI issued a set of operating guidelines on 8th October, 2008 for banks, u/s 18 of the Payment and Settlement System Act, 2007 (Act 51 of 2007).
Mobile Banking Transactions means undertaking banking transactions using mobile phones by bank customers that involve credit/ debit to their accounts.
Regulatory & Supervisory Issues:
- Banks licensed and supervised in India and have a physical presence in India only, can offer mobile banking services.
- Banks shall file Suspicious Transaction Report to Financial Intelligence Unit- India as in the case of normal banking transactions.
- The services are restricted to customers of banks and / or holders of debit/ credit cards issued as per the extant RBI guidelines.
- Banks may use services of Business Correspondent for extending the facility.
- Only Rupee based domestic services can be provided (cross border inward and outward transfers strictly prohibited).
Transaction Limit in Mobile Banking:
- As per discretion of the bank transaction limit is earlier daily cap of Rs. 50,000
- Banks may also fix per transaction limit depending on the bank’s own risk perception of the customer.
- Technology/ Security Standard: Transaction up to Rs. 5,000 can be without end-to-end encryption.
- Banks can provide fund transfer services which facilitate transfer of funds from their accounts for delivery in cash to the recipients (at ATMs or through any agents appointed by the bank as business correspondents) –
- Banks may cap the velocity of such transactions, subject to a max value of Rs. 25,000 per month, per customer.
- Maximum value shall be Rs. 1, 00,000 per transaction.