Business

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.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Aug 6, 2022 9:57:39 am | https://www.thehindu.com/business/rbi-raises-limit-of-e-mandates-for-transactions-up-to-15000/article65534388.ece