India News | RBI Allows E-mandate for Auto-replenishment of FASTag, NCMC
Get latest articles and stories on India at LatestLY. The Reserve Bank on Thursday modified its e-mandate framework and allowed auto-replenishment of FASTag and National Common Mobility Card (NCMC).
Mumbai, Aug 22 (PTI) The Reserve Bank on Thursday modified its e-mandate framework and allowed auto-replenishment of FASTag and National Common Mobility Card (NCMC).
The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer's account.
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In June, the RBI announced that auto-replenishment of balances in FASTag and NCMC, which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework.
"It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework," the RBI said in a circular.
Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)