RBI raises limit of e-Mandates for recurring online transactions to 1 lakh

The Reserve Bank of India (RBI) on Friday said that it will shortly release a circular marking the upward revision in the limit of e-mandates for recurring online transactions without Additional Factor of Authentication (AFA) to Rs 1 lakh from the existing Rs 15,000 for subscription to mutual funds, payment of insurance premium, and payments of credit card bills.

The move is believed to further encourage transactions through the digital payment channels in the country.