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.Solution
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.
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