RBI MPC Meet: Limit On Recurring E-Payments raised to Rs 15,000

The Reserve Bank Of India's six member Monetary Policy Committee presided over by Governor Shaktikanta Das decided to raise Policy Repo Rate unanimously on June 8 by 50bps to 4.9%.

The yet another development announced today include the the limit on recurring e-payments which has now been raised to Rs 15,000 from Rs 5,000 to further facilitate transactions such as subscriptions.

RBI has opted to hike the limit on the mandates on recurring payments through cards including both credit card and debit card from the current 5000 to Rs 5000 per transaction, as per RBI governor's decision during the RBI MPC meet.

According to RBI Governor Shaktikanta Das, "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, Das said in his statement on the day. "Under this framework, over 6.25 crore mandates have been registered in favour of large number of domestic, and over 3,400 international merchants."

"To further facilitate recurring payments like subscriptions, insurance premiums, education fees of larger value under the framework, the limit is being enhanced from Rs 5,000 to Rs 15,000 per transaction," said RBI governor.

"This will further leverage the benefits available under the framework and augment customer convenience," said the Governor.