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

PTI

Mumbai, June 16

The Reserve Bank on Thursday raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 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 Rs 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 Rs 5,000 to Rs 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.