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.