RBI Increases Daily Transaction Limits
RBI issued mobile banking guidelines way back in September, 2008 and by all means, it was a conservative approach towards mobile banking (read: Interview with Sanjay Swamy of mChek on RBI Guidelines).
RBI has now announced an increase in daily transaction limits to Rs. 50,000 (earlier cap was Rs. 5K/), bringing a wave of hope to m-commerce players (source).
RBI has taken a slow roll-out approach towards mobile banking – increased the transaction limit from 2.5K to 5K and the current move is surely a good indication.
But, what about the ecosystem players?
Did you know that out of 32 banks that have the approval for mobile banking, only 21 have mobile banking facilities? Moreover, Mobile Service Proverss do not open up channels for facilitating mobile banking services by banks.
If m-commerce has to roll out significantly, all the ecosystem players need to collaborate and banks are the big bottlenecks.
What’s your opinion?
Mobile trading will soon be a reality, and SEBI is currently working on final guidelines for the same.
According to Sebi’s proposal, brokers who provide internet-based trading are eligible to use wireless technology after getting approvals from stock exchanges. The net worth requirement per broker is proposed at Rs 50 lakh if he provides the facility on his own. In case a service provider provides the internet trading facility on behalf of a group of brokers, the net worth criteria stipulated by his stock exchange will apply. – BS
Also see the earlier coverage of framework issued by SEBI that covers several security guidelines for brokers.[Related Market Report: Mobile Internet Users in India – Only 2 Million are Serious Users [Report]]