New debit, credit card rule for OTP requirement comes into effect
The Reserve Bank of India has allowed the increase in in limit for e-mandates/ standing instructions on credit/debit cards and prepaid payment instruments (PPIs) for recurring transactions to ₹15,000, from ₹5,000, with immediate effect. Prior to January 1, 2021, the limit was ₹2,000. “On a review of implementation of the e-mandate framework and the protection available to customers, it has been decided to increase the limit from ₹5,000 to ₹15,000 per transaction and shall come into effect immediately,” the RBI said in a notification on June 16.
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