Banks to charge for SMS alerts on usage basis – RBI

The Reserve Bank of India has asked banks to charge customers for transaction SMS alerts on the basis of usage, instead of imposing a fixed fee.

In its Second Quarter Review of Monetary Policy 2013-14, RBI said, banks have been advised to leverage the technology available with them and the telecom service providers to ensure that such SMS charges are levied on all customers on actual usage basis. It said, fees based on actual usage are necessary to ensure reasonableness and equity in charges levied by banks.

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