Finding it tough to buy that iPad 64GB from your phone? Or perhaps, couldn’t send Rs.1 lakh to your friend who is in urgent need but you are away from your computer?
Worry not. The RBI has heard these kind of woos and has lifted of the Rs.50000 daily transaction limit on Mobile transactions. It was on 2009, when mobile banking was just emerging that RBI has decided to impose a limit of Rs.50000 daily transaction limit. Times have certainly changed and now we come across needs that require us to deal with an amount greater than Rs.50K more often.
This rule already came into effect and will be applicable for all Mobile Banking usage (all Banks). However, the decision to impose a limit on a single transaction is left to the banks’ themselves. This means, although you can certainly transact more than Rs.50000 per day, you may not be able to send Rs.1 lakh to your friend ‘at once’ if your bank decides to impose a Rs.50000 per transaction limit.