RBI allows issuers to map existing e-mandates if cards are reissued

The Reserve Bank on Tuesday allowed card issuers to map existing e-mandates to reissued cards.

In the consolidated directions on digital payments governing the e-mandate framework, the central bank directed issuers to provide details of the grievance redressal in a post-transaction notification to the customer.

The changes in instructions on e-mandates were based on feedback from stakeholders, the RBI said.

The notification also said no charges shall be levied on customers for availing of the e-mandate facility for recurring transactions, and an acquirer shall ensure compliance with directions by merchants onboarded by them.

As per consolidated directions, the RBI said an appropriate dispute redressal system shall be put in place by the issuer to facilitate the customer to lodge grievances, and RBI instructions on limiting liability of customers for unauthorised transactions shall be applicable to recurring transactions under e-mandates as well.

 

The central bank said recurring transactions may be authorised without additional factor of authentication (AFA) up to ₹15,000 per transaction.

Transactions above this amount shall be subject to AFA.

Payment of insurance premiums, subscription to mutual funds, and credit card bill payments may be made without AFA up to ₹1 lakh per transaction, the central bank said.