In our endeavour to enable enhancements in mobile banking both in terms of the nature of services offered and the value of transactions to be permitted under mobile banking, we have been in constant dialogue with the stake holders and intervened to liberalise the mobile banking guidelines in a phased manner. Steps taken by RBI in mobile banking 5.
The mobile banking guidelines have been modified in December 2011, to permit banks to facilitate funds transfer both for personal remittances and purchase of goods and services without any ceiling. In other words, banks are now free to decide on the limits, based on their own risk perception.