Subject to modifications in the guidelines for mobile banking transaction, banks are now permitted to offer this service to their customers subject to a daily cap of INR 50,000 per customer for both funds transfer and transactions involving purchase of goods/services. Presently, such transactions are subject to separate caps of INR5000 and INR 10000 respectively.
Furthermore, to facilitate cash remittance, banks are permitted to provide fund transfer services which enable transfer of funds from the accounts of their customers for delivery in cash to the recipients. The disbursal of funds to recipients of such services can be availed at ATMs or through any agent(s) appointed by the bank as business correspondents. Such fund transfers are of course subject to certain stipulations.
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