Recurring Payment Limit Now Increase Upto ₹15,000.

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Finance Ninja

Debit Card, Credit Card, UPI AutoPay – For Recurring Payment Limit Now Increase Upto ₹15,000:

In a bid to help customers make higher-value transactions, the Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced to increase the limit on e- mandate on recurring payments through credit and debit card and UPI AutoPay to Rs 15,000 from 5,000 at present per transaction. The necessary instructions in this regard will be issued shortly by the bank. Prior to January 1, 2021, the limit was ₹2,000.

In his statement, the RBI governor said, “The framework for processing of e-mandate based recurring payments was introduced by the Reserve Bank keeping in mind the benefits of convenience, safety, and security to the users. Under this framework, over 6.25 crore mandates have been registered in favour of large number of domestic, and over 3,400 international merchants.”

He added,” To further facilitate recurring payments like subscriptions, insurance premia, education fee, etc. of larger value under the framework, the limit is being enhanced from ₹5,000 to ₹15,000 per transaction. This will further leverage the benefits available under the framework and augment customer convenience.”

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