RBI updates e-mandate framework, adds auto-replenishment for FASTag
This story was originally published at 19:28 IST on 22 August 2024
Register to read our real-time news.Informist, Thursday, Aug 22, 2024
MUMBAI – The Reserve Bank of India has included auto-replenishment of FASTag and National Common Mobility Card, as and when the balance falls below a threshold set by the customer, under the e-mandate framework, it said in a notification today. The decision was proposed in the June Monetary Policy Committee outcome.
These categories of payments are made as and when needed and, therefore, their replenishment is not time-specific or amount-specific, as per the RBI's Statement on Developmental and Regulatory Policies released in June.
The notification today also said that payments for auto-replenishment will be exempt from the requirement of pre-debit notification, since they are recurring in nature but without any fixed periodicity. Currently, the e-mandate framework requires a pre-debit notification at least 24 hours before the actual debit from a customer's account.
All other instructions under the e-mandate framework remain unchanged, the notification said. End
Reported by Kshipra Petkar
Edited by Manisha Baxla
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
