Question
Consider the following statements with respect to the
amendments in the limits of e-mandates by the Reserve Bank of India- I.The Reserve Bank of India (RBI) will be making an upward revision in the limit of e-mandates for recurring online transactions without Additional Factor of Authentication (AFA) to Rs 1 lakh from the existing Rs 15,000 for subscription to mutual funds, payment of insurance premium, and payments of credit card bills. II.The framework for processing of e-mandates for recurring transactions was introduced in August 2017 to balance the safety and security of digital transactions with customer convenience. III.The number of e-mandates registered currently stands at 9.5 crore, processing nearly Rs 2,800 crores of transactions per month Which of the following statements is/are correct?Solution
The Reserve Bank of India (RBI) will release a circular marking the upward revision in the limit of e-mandates for recurring online transactions without Additional Factor of Authentication (AFA) to Rs 1 lakh from the existing Rs 15,000 for subscription to mutual funds, payment of insurance premium, and payments of credit card bills.The framework for processing of e-mandates for recurring transactions was introduced in August 2019 to balance the safety and security of digital transactions with customer convenience. The number of e-mandates registered currently stands at 8.5 crore, processing nearly Rs 2,800 crores of transactions per month.
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