Sunday, June 26, 2022
No menu items!
    HomeBusinessRBI to hike recurring payment limit to ₹15,000

    RBI to hike recurring payment limit to ₹15,000


    Money & Banking

    Aims to ease bigger payments such as subscriptions, insurance premium, education fee

    In a boost to customer convenience, the Reserve Bank of India plans to enhance the limit for recurring payments from ₹5,000 to ₹15,000 per transaction.

    “Requests have been received from stakeholders to increase the limit under the framework to facilitate payments of larger value like subscriptions, insurance premia, education fee, etc,” RBI Governor Shaktikanta Das said on Wednesday in the monetary policy statement.

    The move would augment customer convenience and leverage the benefits available under the framework, he said, adding that instructions to the effect will be issued shortly.

    The framework for processing e-mandated recurring payments provides for an additional factor of authentication (AFA) during registration, sending a pre-debit notification, enabling subsequent recurring transactions without an AFA, and an easier avenue to withdraw such mandates.

    Benefits of convenience, safety and security are available to users, Das said, adding that the system, too, benefits from users’ confidence.

    Till date, over 6.25 crore mandates have been registered under this framework, including those for over 3,400 international merchants.

    Published on June 08, 2022

    You May Also Like

    Recommended for you

    Related articles


    Please enter your comment!
    Please enter your name here

    Stay Connected


    Latest posts