Now you can provide e-Mandates for recurring online transactions up to 1 lakh without AFA

RBI on Friday has increased the without  Additional Factor of Authentication (AFA)limit from existing ₹15,000/- to ₹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. e- Mandate is a standard instruction that you provide to your issuing bank and other institutions,…

All inbound travelers with Int’l mob no. will have UPI access for merchant payments in India

 India’s central bank on Wednesday announced that all inbound travelers to India are permitted to access UPI for their merchant payments (P2M) using their international mobile numbers, while they are in the country. This is an enhancement to the earlier provision of UPI access to non-resident Indians who have international mobile numbers linked to their…

UPI transactions can be done by NRE/NRO account holders using their international mobile number

The National Payments Corporation of India (NPCI) on Tuesday (January 10, 2023) instructed members of the Unified Payments Interface (UPI) ecosystem to allow non-resident account types such as non-resident external (NRE)/ non-resident ordinary (NRO) accounts having international mobile numbers to get on-boarded and transact through UPI. Till now, the service was only available for accounts…

Single Block Multiple Debits (SBMD) features for UPI payment announced

The Governor of the Reserve Bank of India (RBI) in his ‘Statement on Developmental and Regulatory Policies’ of December 7, 2022, announced special features like ‘Single-Block-and-Multiple-Debits (SBMD)’ within the UPI framework. Under the SBMD framework, once the UPI customer has given consent to block the money in their bank account, the merchant can make multiple…

RBI enhances Additional Factor of Authentication (AFA) limit up to Rs.15000 for Recurring e-Payments  

In the statement of developmental and Regulatory policies dated June 8, 2022, the Reserve Bank of India stated that the auto-transactions up to Rs 15,000 no longer require customers to authenticate such payments manually with a One Time Password (OTP). This is after the regulator received requests from several stakeholders to increase the limit under…

How account aggregator framework helps borrowers, Banks, and Money Managers?

With the account aggregation solutions, the user doesn’t have to physically provide hard copies of documents from various financial information providers like Banks/NBFCs, Mutual Fund Houses, and Insurance companies to various users like cash flow based lenders, personal finance managers, wealth managers, and Robo advisors in a secure and effectual manner. Through AA all financial…