General Knowledge

MOBILE BANKING

Mobile banking is a service provided by a bank or other financial  institution that allows its customers  to conduct financial transactions  remotely  using  a mobile device such as a  smartphone  or tablet. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted.

Transactions through mobile banking  may include obtaining  account  balances and lists of latest transactions, electronic bill payments, and funds transfers between a customer's or another's accounts. Banks  may also fix monthly  transaction limit depending on the bank’s own risk perception of  the customer. In atms max value shall be rs.5000 per transaction.

Banks may cap the velocity of such transactions, subject to a maximum value of s.25000 per month, per customer.