The Reserve Bank of India (RBI) has extended the timeline for stakeholders to migrate to the process of e-mandates on recurring online transactions by six months till September 30, 2021. The move came after the regulator found that many players had not met the deadline.
“Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action,” the RBI said in a circular.
In August 2019, the RBI had issued a framework for processing of e-mandates on recurring online transactions.
