E-Mandates For Recurring Online Transactions Hiked To Rs 1 Lakh

New Delhi: The RBI has also raised the limit for e-Mandates for recurring online transactions for specified categories to .

Announcing the outcome of the Monetary Policy Committee, RBI Governor Shaktikanta Das said, "e-Mandates for making payments of recurring nature have become popular among customers. Under this framework, an additional factor of authentication (AFA) is currently required for recurring transactions exceeding ₹15,000. It is now proposed to enhance this limit to ₹1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments. This measure will further accelerate the usage of e-mandates," announced RBI Guv Das. 

RBI has also made an important announcement regarding UPI payment limits for hospitals and educational institutions.

Governor Shaktikanta Das has announced that the central bank has hiked UPI payment limits for hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh per transaction.

Das said that The limit for various categories of UPI transactions has been reviewed from time to time.

"It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes."