RBI cap on online payment

BANGALORE: The Reserve Bank of India is suggesting banks to limit online payments towards mobile phone bills. The move comes after the RBI detected an increase in online fraud.Stating that the RBI had asked banks to voluntarily limit and also monitor constantly such payments, Karnataka Banking Ombudsman M Palanisami reasoned that such frauds could be contained.He said that they would take out card details and recharge sim cards multiple times.He said that placing a cap on the number of times a card could be used for payments, would ensure detection of any fraudulent activities if done in a month’s time.