Question

In its bi-monthly “Statement on Developmental and Regulatory Policies” the RBI has increased the limit for e-mandates for recurring payments to Rs ________ from Rs 5,000.

Q: Answer-In its bi-monthly “Statement on Developmental and Regulatory Policies” the RBI has increased the lim...

In its bi-monthly Statement on Developmental and Regulatory Policies the Reserve Bank of India RBI has increased the limit for e-mandates for recurring payments to Rs 15,000 from Rs 5,000. The framework on processing of e-mandate based recurring payments, inter-alia, provides for an Additional Factor of Authentication AFA during registration, sending a pre-debit notification, subsequent recurring transactions to be executed without AFA, and an easier avenue to withdraw such mandates.