RBI allows recurring transactions up to INR 2,000 on cards

Thursday 22 August 2019 08:14 CET | News

The Reserve Bank of India has announced that it will allow customers to make recurring payments of less than INR 2,000 without the two factor authentication process.

The bank will allow this by giving an e-mandate from September 2019. The move has been made to make digital payments to merchant, typically at kirana and grocery stores where ticket sizes are small, more convenient.

The decision is applicable for transactions performed using all types of cards – debit, credit and Prepaid Payment Instruments (PPIs) – and wallets.

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Keywords: RBI, India, recurring transaction, card, prepaid card, debit card, credit card
Countries: World