- The current e-Mandate framework requires pre-debit notification at least 24 hours before the actual debit from the customer’s account.
The Reserve Bank on Thursday amended its e-mandate framework and allowed auto-replenishment of Fastag and National Common Mobility Card (NCMC). The existing e-mandate framework requires pre-debit notification at least 24 hours before the actual debit from the customer’s account.
In June, the RBI had announced that auto-replenishment of balance in FASTag and NCMC, which is recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework.
“It has been decided to incorporate automatic replenishment of FASTag and NCMC whenever the balance falls below the limit set by the customer under the e-mandate framework,” RBI said in a circular.
It said that since payments for auto-replenishment are recurring in nature but do not have any fixed periodicity, they will be exempted from the requirement of pre-debit notification.
First Publication Date: 22 August 2024, 20:06 PM IST