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OTP Rule Changed : Debit and Credit Card Users Must Know These New Regulations | 2YODOINDIA

OTP Rule Changed : Debit and Credit Card Users Must Know These New Regulations

In a bid to make digital recurring payments effortless, the Reserve Bank of India (RBI) recently increase the minimum amount on e-mandates requiring One Time Passwords (OTPs) to Rs 15000, up from Rs 5000 previously.

The new limit has come into effect, making it simpler for customers to use e-mandates for payments towards loans or savings. 

Reserve Bank of India Said :

“On a review of the implementation of the e-mandate framework and the protection available to customers, it has been decide to increase the limit from Rs 5,000 to Rs 15,000 per transaction and shall come into effect immediately,”.

RBI governor Shaktikanta Das recently point out that requests have receive from stakeholders to increase the limit under the framework to facilitate payments of larger value like subscriptions, insurance premia, education fees, etc.

According to Shaktikanta Das, the decision has taken to improve customer convenience.

Shaktikanta Das said that the framework for processing e-mandate-base recurring payments was introduce to provide customers with the benefits of convenience, safety and security. 

The central bank has also allow credit card customers to link their cards with UPI (unified payments interface).

Shaktikanta Das Said :

“It is propose to allow linking of credit cards to UPI,”.

Shaktikanta Das also note that to start with Rupay credit cards issue by the RBI-promote NPCI will be enable with this facility, and the facility will be made available after system developments. 

Shaktikanta Das Said :

“UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboard on the platform,”.

Shaktikanta Das adds that 594.63 crore transactions amounting to Rs 10.40 lakh crore were process through UPI in May 2022.

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