Key Points
The Reserve Bank of India (RBI) announced today that it has proposed to hike the limits for UPI auto payments for specified transactions without additional factor authentication (AFA)..
The system has stabilised, but in categories such as subscription to mutual funds, payment of insurance premium and credit card bill payments, where the transaction sizes are more than Rs 15,000, a need to enhance the limit has been expressed as adoption has been lagging..
It is, therefore, proposed to exempt the requirement of AFA for transactions up to Rs 1 lakh for the following categories, viz., subscription to mutual funds, payment of insurance premium and payments of credit card bills..
Timely payments avoiding late fees/ penalty.Customized payment options ( like monthly, quarterly etc) and amounts ( Rs.1/- to Rs.15,000+) for each and every customer is available in recurring mandatesModify/ Revoke/ Pause features also available for changing the orders placed as and when requiredSecure and Convenient way to do recurring paymentsCashless way of transactingNo waiting in long queuesNo documentation and Paperwork..
Ramesh Narasimhan, CEO, Worldline India says, A positive change to accelerate the use of e-mandates is raising its limit from Rs 15,000 to Rs 1 lakh for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments..
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