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Banks to charge for SMS alerts on actual usage basis: RBI

"Considering the technology available with banks, it should be possible for banks to charge customers based on actual usage of SMS alerts," RBI said

November 27, 2013 3:45 IST | India Infoline News Service
The Reserve Bank of India on Tuesday directed banks to charge customers for transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.

"Considering the technology available with banks and the telecom service providers, it should be possible for banks to charge customers based on actual usage of SMS alerts," RBI said in a notification to all banks.

"With a view to ensuring reasonableness and equity in the charges levied by banks for sending SMS alerts to customers, banks for sending SMS alerts to customers, banks are advised to leverage the technology available with them and the telecom service providers to ensure that such charges are levied on all customers on actual usage basis," it added.

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