The Reserve Bank of India (RBI) has issued guidelines paving the way for mobile banking service subscribers to send and receive up to Rs 5,000 a day through their phones. The guidelines also allow customers to carry out transactions up to Rs 10,000 on purchases of goods or services through their mobiles. The RBI has, however, stated that banks will be able to offer mobile banking services only to account holders and those who hold debit or credit cards. Cross-border transfers have not been permitted.
