The Reserve Bank of India has now approved the National Payments Corporation of India (NPCI) to implement e-mandates for both internet banking services and debit cards. With the implementation of this, the users can now easily pay their recurring payments.
The NPCI has now informed all the member banks to take the immediate measures required and to implement them in both variants. The limit for e-mandates is set to INR 1 lakh rupees; although the organization will review the limit in due course, depending on the usage.
“E-mandates will help the ecosystem in furthering the cause of digitization and also provide a lot of benefits to the stakeholders. All the member banks are advised to take immediate measures to implement the e-mandates in both variants not later than June 30”, the circular noted.
E-mandates have become the easier ways for merchants and their buyers to pay the recurring payments through internet banking mode.
Many of the current private sector banks such as the Yes Bank, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have implemented the e-mandates for Internet Banking. E-mandates have become the easier way for merchants and their buyers to pay recurring payments. These include bills, insurance premiums, other utility bills, etc. Other public sector banks such as The Bank of Baroda, Central Bank of India, Punjab National Bank have also implemented the e-mandates policy formulated by the RBI.
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