RBI allows auto-replenishment of FASTag and National Common Mobility Card (NCMC) balance below threshold set by customer.
RBI has allowed to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework. Also, since payments for auto-replenishment of FASTag and NCMC are recurring in nature but without any fixed periodicity, they have been exempted from the requirement of pre-debit notification of 24 hours.
As per the Statement on Developmental and Regulatory Policies dated June 07, 2024, it was announced that that auto-replenishment of balances in FASTag and National Common Mobility Card (NCMC), which are recurring in nature but without any fixed periodicity, would be facilitated under the e-mandate framework.
The Framework for processing of e-Mandate for recurring transactions, issued by RBI on January 10, 2020 only enables recurring payments with fixed periodicity such as daily, weekly, monthly, etc. It is proposed to include payments, such as replenishment of balances in Fastag, NCMC, etc. which are recurring in nature but without any fixed periodicity, into the e-mandate framework. These categories of payments are made as and when needed and, therefore, their replenishment is not time specific or amount specific.
Under the e-mandate framework, it was proposed to introduce an automatic replenishment facility for such payments. The automatic replenishment will be triggered when the balance in Fastag or NCMC falls below a threshold amount set by the customer.
Further, as against the existing e-mandate framework which requires a pre-debit notification at least a 24-hours before the actual debit from customer’s account. It was proposed to exempt this requirement for payments made from customer’s account for automatic replenishment of balances in Fastag, NCMC, etc. under the e-mandate framework.
NERIST Arunachal Pradesh invites EoI for Empanelment of Chartered Accountant firm North Eastern Regional Institute of Science and Technology, (NERIST)…
Sibsagar University invites Expression of Interest (EOI) for Appointment of Internal Auditor Sibsagar University invites Expression of Interest (EOI) from reputed…
In a recent judgment Andhra Pradesh High Court struck down Section 147A of the Income Tax Act, 1961 as unconstitutional.…
Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals…
No timeline mentioned in PMLA to forward the arrest order and the material in possession to the Adjudicating Authority. It…
Whether the release of seized assets is mandatory upon completion of 120 days –High Court refers the case to a…