Banking and Consumers

The evolution of technology in the banking sector is growing fast. In less than ten years, we had the ATM then internet banking and now we have mobile banking. It is really useful for many consumers as they can make all their payments at the comfort of their homes. No need to stand in huge queues and wasting their precious times.
The Reserve Bank of India has increased the limit of mobile banking from 15,000 Rs to a whooping amount of 50,000 Rs which enables consumers to access their debit/credit cards through the fund transfer instruction sent by their mobile phones. Earlier, the daily limit of fund transfer was only 5000 Rs and for the purchase of goods and services, it was 10,000 Rs for all consumers. A lot of consumers had problems with the limit as they were not able to book their flight tickets or make any other expensive transaction through their mobile phones. So, the Reserve Bank of India decided to raise the limit to 50,000 Rs.
This increase was made provided assured security services were given to the transaction made by the consumers through their mobile phones. Two way encryptions of the transaction must be made feasible when money is transferred using mobile banking. But, this would definitely work out expensive and consumers will be given an atrocious amount of service charges for this. So, the Reserve Bank of India decided that the transaction of 1000 Rs of below does not any two way encryption.
If cash is delivered to the recipient then the limit is 5000 Rs per transaction and only 25,000 Rs can be transacted per month. Earlier, the Reserve Bank of India had left that particular decision to the Banks organization. For cash delivery, each bank had set their own limit for consumers who prefer to use mobile banking for their transaction.
It is a great option for consumers to rely on mobile banking and internet banking. They should remember the consequences where, there are millions of hackers waiting to get their hands on any information possible to steal the hard earned money of the consumers. Resort to mobile and internet banking only after you make sure that appropriate safety measures are enforced in that particular banks. Recently, ICICI banks was hacked and a lot of sensitive information about the consumers where leaked to the hackers. It is a really spooky factor to even ponder about. A lot of people have gone bankrupt because, all the money in their account was transferred to an unknown account. If the issue was noticed earlier, then the money can be retrieved easily but if no one notices it then the money is gone forever. Consumers should be very sensible when they use such banking option. Never give any chance for the hackers to get hold of your details.