Mumbai : Inspired by high mobile phone penetration in the country, a Reserve Bank panel today suggested that customers should be allowed to make payments at merchant outlets and transfer funds by using mobile numbers. It also recommended that banks should simplify system so that the facility could be availed on any type of phone handsets with suitable level of security. Limit of unsecured transaction may be raised from the existing Rs 5,000 to Rs 10,000 depending upon bank’s security policy and internal risk management control.

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