The Reserve Bank of India has set a limit for maximum transaction per day through mobile phones. A customer can, now, transect Rs 2,500 to a maximum of Rs 5,000 in a day. Customers must have access to a debit or credit card to avail mobile banking. Many Indian leading banks are providing mobile banking in the country. The banks need to inform RBI about the services they are providing thru mobile phones. The new guidelines, in this regard, are issued by the apex bank on Friday. 

The apex bank said that the mobile banking can prove very convenient way to extend banking services. The bank is also taking suspicious transactions very seriously. The banks are directed to file Suspected Transaction Report (STR) to Financial Intelligence Unit-India (FID-IND) for mobile banking transactions. Banks are also directed to provide mobile banking to all customers irrespective of operators.

Meanwhile, the finance ministry has also sought opinion of RBI for a one-time waiver of restrictions in raising funds via external commercial borrowings (ECBs) as demanded by many companies. Companies want to generate funds via external commercial borrowings (ECBs) to pay spectrum fees for 3G services.