RBI allows e-mandates on cards for recurring transactions


PTI, Aug 22, 2019, 10:19 AM IST

Mumbai: The Reserve Bank on Wednesday permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of Rs 2,000.

The RBI has been receiving requests from industry stakeholders to allow processing of e-mandate on cards for recurring transactions with Additional Factor of Authentication (AFA) during e-mandate registration and first transaction.

“…it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple/automatic subsequent successive transactions,” the RBI said in a circular.

This, the RBI said, has been done keeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience.

The maximum permissible limit for a transaction under the e-mandate facility on cards would be Rs 2,000.

The RBI added that no charges should be levied or recovered from the cardholder for availing the e-mandate facility on cards for recurring transactions.

The direction is applicable for transactions performed using all types of cards debit, credit and Prepaid Payment Instruments (PPIs), including wallets.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Karnataka HC denies anticipatory bail to Prajwal Revanna in sexual harassment case

Delhi court stays defamation case against CM Atishi

Awards don’t create value for independent films in India: Manoj Bajpayee

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

UP: 25 people booked for attacking civic officials for encroachment removal

Related Articles More

Sony India bags ACC media rights for eight years

Musk says X now top news app on App Store in India

Air India to offer integrated aircraft maintenance engineering programme

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Baku climate talks: The ‘X’ factor that could determine future of Global South

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Air pollution: SC flags Delhi govt’s failure to implement GRAP-4 curbs on entry of trucks

Drugs worth Rs 6 crore seized in Bengaluru, five arrested

Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers

Satwik-Chirag enter semifinals, Lakshya loses to Antonsen in China Masters

BJP stages protest against Congress govt in Karnataka over Waqf properties row

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.