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regular-article-logo Tuesday, 05 November 2024

Reserve Bank of India allows e-mandate for auto-replenishment of FASTag, NCMC

The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.

PTI Mumbai Published 22.08.24, 07:17 PM
Representational image.

Representational image. File picture.

The Reserve Bank on Thursday modified its e-mandate framework and allowed auto-replenishment of FASTag and National Common Mobility Card (NCMC).

The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.

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In June, the RBI announced that auto-replenishment of balances in FASTag and NCMC, which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework.

"It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework," the RBI said in a circular.

Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification, it added.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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