32 banks have been given approval to provide mobile banking facility in the country by the Reserve Bank of India. 21 banks have started providing these services. Mobile banking is a secure application, which takes care of end-to-end encryption of data in transit to offer banking information and transactions. Customer is forced to change the activation code and mPIN sent to him at the time of registration. He is also driven to decide a password to log-in to the application. Customer also has a choice to change the mPIN, log-in password at any point of time.
Banks are now permitted to offer this service to their customers subject to a daily cap of Rs.50,000/- per customer for both funds transfer and transactions involving purchase of goods/ services. Transactions up to Rs.1,000/- can be facilitated by banks without end-to-end encryption. The risk aspects involved in such transactions are addressed by the banks through adequate security measures.
Mobile Banking Facility
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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
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