This circular is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and shall come into effect immediately
FinTech BizNews Service
Mumbai, December 13, 2023: A reference is invited to RBI’s circular CO.DPSS.POLC.No.S-518/02.14.003/2022-23 dated June 16, 2022 in terms of which relaxation in Additional Factor of Authentication (AFA) was permitted while processing e-mandates / standing instructions on cards, Prepaid Payment Instruments and Unified Payments Interface, for subsequent recurring transactions with values up to Rs.15,000/-, subject to conditions listed therein.
In this regard, as announced in the Statement on Developmental and Regulatory Policies dated December 08, 2023, it has been decided to increase the limit from Rs.15,000/- to Rs.1,00,000/- per transaction for the following categories: (a) subscription to mutual funds, (b) payment of insurance premiums, and (c) credit card bill payments.
In a communication, addressed to The Chairman / Managing Director / Chief executive officer all scheduled commercial banks, including regional rural banks / urban co-operative banks / state co-operative banks / district central co-operative banks / payments banks / small finance banks / local area banks / non-bank prepaid payment instrument issuers / authorised card payment networks /National Payments Corporation of India; RBI has provided this information.
This circular is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and shall come into effect immediately.
