Banking and Financial News

Auto recurring debt – E mandate deadline extended to 6 months

Reserve Bank of India has extended the timeline for stakeholders to migrate to the process of e-mail mandates on recurring online transactions by 6 months till September 30,2021.The move came after the regulator found that many players had not met the deadline.

                   These extension will helps the customers to overcome the failures happened in auto debit payments, bill payments etc. RBI has increased the limit for transactions from ₹2,000 to ₹5,000.RBI earlier extended on the request from Indian Bank Associations, in 2020.

The Inter and mobile association of India, which consists of members like Netflix, Disney+Hotstar, Amazon had raised concerns earlier to implement the framework

In August 2019, the processing of e-mail mandates on securing online transactions which were applicable to cards and wallets, but the framework was extended to UPI transactions as well

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