The Reserve Bank of India on Wednesday, June 8, increased the limit on the mandates on recurring payments via cards, both credit and debit from Rs 5,000 to Rs 15,000 per transaction. The decision was announced by RBI governor Shaktikanta Das during the bi-monthly monetary policy committee meeting on the day.
“The framework for processing of e-mandate based recurring payments was introduced by the Reserve Bank keeping in mind the benefits of convenience, safety, and security to the users, Das said in his statement on the day. “Under this framework, over 6.25 crore mandates have been registered in favour of large number of domestic, and over 3,400 international merchants,” he added.
“To further facilitate recurring payments like subscriptions, insurance premiums, education fees of larger value under the framework, the limit is being enhanced from Rs 5,000 to Rs 15,000 per transaction,” said the RBI governor.
(Details to be added soon)