RBI raises limit of e-mandates for transactions up to ₹15,000

The Reserve Bank (RBI) on Thursday raised the Additional Factor of Authentication (AFA) limit from ₹5,000 to ₹15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions.

It implies, additional authentication will not be need for payment of ₹15,000 per transaction.

"On a review of implementation of the e-mandate framework and the protection available to customers, it has been decided to increase the...AFA limit from ₹5,000 to ₹15,000 per transaction," the Reserve Bank said in a circular.

The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for 'card-not-present' transactions.

Under e-mandate, an individual can give standing instruction to the bank to debit a specific amount automatically on recurring basis.

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Printable version | Aug 6, 2022 9:57:39 am |