Latest News | RBI Raises Limit of E-mandates for Transactions Up to Rs 15,000

Mumbai, Jun 16 (PTI) 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.

Also Read | Bitcoin Price Forecast: Will World's Number One Cryptocurrency Drop to $12,000?.

"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.

Also Read | Realme C30 India Launch on June 20, 2022; Teased on Flipkart.

Under e-mandate, an individual can give standing instruction to the bank to debit a specific amount automatically on recurring basis.

(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)