RBI hikes e-mandate limits for recurring transactions
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- By Chetan Kulasri
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- Last Updated on 18 June, 2022
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Circular No. RBI/2022-23/73 CO.DPSS.POLC.No.S-518/02.14.003/2022-23, Dated 16.06.2022
On a review of the implementation of the e-mandate framework and the protection available to customers, the RBI has decided to increase the Additional Factor of Authentication (AFA limit from Rs.5,000/- to Rs.15,000/- per transaction. The e-mandate framework prescribes an AFA, inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments, and Unified Payments Interface. For subsequent transactions with transaction values up to Rs.5,000/- (AFA limit), the prescription of AFA was waived.
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