RBI Allows Recurring Card Payments Upto Rs 2000 Without PIN; But These 5 Guidelines You Should Be Aware Of...
Author: Radhika Kajarekar - Published 2019-08-22 12:38The Reserve Bank of India has given the go ahead for the e-mandate system on debit, credit or other prepaid cards for recurring payments,and this is official from September 1, 2019. Yes, this means we will no longer have to undergo the tedious two factor authentication process every time we carry out a regular transaction at our usual merchant.
The RBI has issued a set of guidelines regarding the e-mandate of recurring transactions.