RBI had given information about this new rule after reviewing the monetary policy. Now RBI has issued a circular regarding this. According to RBI, people’s interest has increased regarding this facility.
The Reserve Bank of India (RBI) has implemented the rule of auto debit up to Rs 15,000 without OTP. Under this new rule, in case of payment of up to Rs 15,000, you will not need to enter OTP for verification or approval.
10 thousand was the limit: Till now this rule was for 10 thousand rupees. In case of auto debit of more than this amount, it was mandatory for the user to enter the OTP for verification. Now by increasing this limit by Rs 5 thousand to 15 thousand, those users will get a big relief, who have to pay more. This includes paying by debit, credit card or mobile wallet etc.
Recently, RBI had given information about this new rule after reviewing the monetary policy. Now RBI has issued a circular regarding this.
According to RBI, public interest has increased in this facility and so far more than 6.25 crore mandates have been registered under this framework, which includes more than 3,400 international traders. Under this facility, it is necessary to inform the bank 24 hours before the day of payment through message, email etc.
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