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State Bank of India launched State Bank MobiCash

Dec 19, 2016 12:00 IST

State Bank MobiCash

State Bank MobiCash Mobile Wallet was launched on 18 December 2016. MobiCash is a product of State Bank of India (SBI) and Bharat Sanchar Nigam Ltd (BSNL).

It was jointly inaugurated by Minister of Finance and Corporate Affairs, Arun Jaitley and Minister of State for Communications (Independent charge) and Minster of State for Railways Manoj Sinha.

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While introducing the MobiCash Mobile Wallet service, Finance Minister appreciated the broader vision of SBI and BSNL to bring a Wallet both for smart and feature phones.

Definition of State Bank MobiCash Mobile Wallet

• State Bank MobiCash will be the Mobile Wallet Service of the State Bank of India and includes the service over the Application/USSD/SMS.

• In this case, bank means State Bank of India or any of its successors or assignees, while, wallet means a mobile-based prepaid wallet registered with the Bank.

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• Wallet Holder means the holder of State Bank MobiCash. This wallet service can be accessed with the help of 6 digits Mobile Personal Identification Number (MPIN).

• These mobile wallets will be governed by RBI and Bank’s policy. The product will be available to applicants having a valid Mobile number, identity proof and address proof.

Limits for the daily and monthly transaction under the MobiCash Wallet will be dependent on KYC norms. The limits are mentioned below:

Limits for State Bank MobiCash (Nil KYC Wallet)

 

Particluars

Application

USSD/SMS

Maximum balance limit per wallet

Rs. 10000

Rs. 10000

Fund Transfer

  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 5000.
  • Monthly transaction limit will be Rs. 20000.

 

  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 5000.
  • Monthly transaction limit will be Rs. 15000.

 

Total Transaction

  • Per transaction limit will be Rs. 10000.
  • Daily transaction limit will be Rs. 15000.
  • Monthly transaction limit will be Rs. 20000.

 

  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 7500.
  • Monthly transaction limit will be Rs. 15000.

 

Cash in at CSP per transaction

Rs. 10000.

 

Rs. 10000.

 

Top up through alternate channels per transaction

 

Rs. 10000.

Rs. 10000.

Cash in /Top up through any channel per month

 

Rs. 10000.

Rs. 10000.

Cash out at CSP per transaction

Not allowed

Not allowed

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Limits for State Bank MobiCash (KYC Wallet)

 

Particluars

Application

USSD/SMS

Maximum balance limit per wallet

Rs. 50000

Rs. 50000

Fund Transfer

  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 25000.
  • Monthly transaction limit will be Rs. 25000.
  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 5000.
  • Monthly transaction limit will be Rs. 25000.

Total Transaction

  • Per transaction limit will be Rs. 25000.
  • Daily transaction limit will be Rs. 25000.
  • Monthly transaction limit will be Rs. 50000.
  • Per transaction limit will be Rs. 5000.
  • Daily transaction limit will be Rs. 10000.
  • Monthly transaction limit will be Rs. 25000.

Cash in at CSP per transaction

 

Rs. 10000

Rs. 10000

Top up through alternate channels per transaction

Rs. 10000

Rs. 10000

Cash in /Top up through any channel per month

 

Rs. 100000

Rs. 75000

Cash out at CSP per transaction

Rs. 10000

Rs. 5000

Facilities offered under State Bank MobiCash includes fund transfer, mobile recharge (BSNL Pre-paid), bill payment (BSNL landline and Post-paid), balance enquiry and mini statement.

Besides, the MobiCash wallet can be used in self-mode as well as in assisted mode through the help of BSNL CSPs. The wallet can be upgraded to Full-KTYC wallet, which offers higher transaction limits and cash withdrawal at BSNL CSPs.

Is this article important for exams ? Yes4 People Agreed
Read more Current Affairs on: State Bank MobiCash , SBI , BSNL , MobiCash , MobiCash Mobile Wallet service

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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