Reserve Bank of India (Photo: Reuters)
The Reserve Bank of India (RBI) has brought auto-replenishment of FASTags and National Common Mobility Cards (NCMC), triggered when the balance falls below a threshold set by the customer, under the e-mandate framework, while exempting issuers of these mobility tokens from issuing a pre-debit notification 24 hours before a debit.
Since auto-replenishment payments are recurring in nature and do not have a fixed periodicity, they have been exempted from the requirement of a pre-debit notification, the RBI said in a notification on Thursday. The circular comes into effect from August 22.
The RBI’s e-mandate framework mandates the issuer to send a pre-debit notification to the customer at least 24 hours before the actual charge or debit to the account. These notifications are required to inform cardholders about the merchant name, transaction amount, date and time of debit, and the transaction reference number or an e-mandate, among other things. Users have the option to opt out of a particular e-mandate transaction once they receive a pre-debit notification.
The limit for recurring transactions based on electronic mandates without additional factor authentication (AFA) is set at Rs 2000 per transaction. Payments exceeding the limit must have an AFA.
First published: August 22, 2024 | 20:41 IS
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