Source: LiveMint.com, Aug 21, 2019
MUMBAI: The Reserve Bank of India (RBI) on Wednesday permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of ₹2,000.
RBI has been receiving requests from industry stakeholders to allow this with an additional factor of authentication during e-mandate registration and the first transaction.
“…it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple/automatic subsequent successive transactions,” RBI said in a circular. Read the rest of this entry »