RBI ने 1 सितंबर से कार्डों पर 2,000 तक के आवर्ती लेनदेन की अनुमति दी

RBI allows recurring transactions up to 2,000 on cards from Sep 1 | 23.08.2019

 

  • The RBI (Reserve Bank of India) said it will allow processing of e-mandate on cards for recurring payments of less than 2,000 from September 1.
  • Customers need not go through the two-factor authentication process every time for a similar transaction.
  • The move was made keeping in view the changing payment needs and balancing safety of transactions with customer convenience.
  • The RBI added that no charges should be levied or recovered from the cardholder for availing the e-mandate facility on cards for recurring transactions.
  • The direction is applicable for transactions performed using all types of cards—debit, credit and Prepaid Payment Instruments (PPIs), including wallets.
  • Separately, the central bank brought forward by an hour the time when the real time gross settlement (RTGS) system will become available.
  • Transfer of funds through the system will be available from 7am, instead of the present 8am, from August 26.
  • Earlier this month, RBI had decided to allow round-the-clock fund transfers through NEFT from December.

RBI Current Policy & Reserve Rates:

  • Policy Repo Rate: 5.40%
  • Reverse Repo Rate: 5.15%
  • Marginal Standing Facility Rate: 5.65%
  • Bank Rate: 5.65%
  • CRR: 4%
  • SLR: 18.75%
Important Possible questions based on above News :
  1. In context to recurring payments via PPIs, what will be the new timing of transfer of funds through RTGS facility? 7am to 8pm
  2. What is the threshold limit of recurring transactions on cards up to which no charge is levied as per the recent announcement by RBI? Rs. 2000

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