The Reserve Bank of India (RBI) on December 12, 2023, issued a circular regarding the Processing of e-mandates for recurring transactions.
This shall come into effect from December 12, 2023
The following has been stated namely: -
• This has a reference to the circular CO.DPSS.POLC.No.S-518/02.14.003/2022-23 dated June 16, 2022, in terms of which relaxation in Additional Factor of Authentication was permitted while processing e-mandates / standing instructions on cards, Prepaid Payment Instruments and Unified Payments Interface, for subsequent recurring transactions with values up to ₹15,000/-, subject to conditions listed, and further reference to the Statement on Developmental and Regulatory Policies dated December 08, 2023.
• it has been decided to increase the limit from ₹15,000/- to ₹1,00,000/- per transaction for the following categories namely: -
(a) subscription to mutual funds
(b)payment of insurance premiums
(c)credit card bill payments.
[Circular No. RBI/2023-2024/88 CO.DPSS.POLC.No.S-882/02.14.003/2022-23]
