The Reserve Bank of India has announced an increase in the e-mandates limit for making recurring payments from Rs 5,000 to Rs 15,000. This raised limit has already come into effect. Earlier, at the end of a consultative meeting of the Reserve Bank Committee on Monetary Policy, it was announced that the same rule would apply to debit cards and credit cards.
A statement issued on behalf of the Reserve Bank of India on June 1 said, "The increased e-mandate limit will come into effect immediately." Among the recommended terms regarding e-Mandate is that the first transaction made under e-Mandate is an additional verification method required during transaction or card status information, prepaid payment tools and UPI services. Following this, transactions up to Rs. Five thousand are exempted from additional verification activity.
E-Mandate is the static information system that the customer provides to the business entities to make a recurring transaction of a certain amount on a website or mobile application. This includes case bills and bill payments. This is the approval given by the customer or cardholder to withdraw money from their debit or credit card on the corresponding Merchant Platform.