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The Reserve Financial institution on Thursday raised the Additional Factor of Authentication (AFA) restrict from Rs 5,000 to Rs 15,000 per transaction for e-mandates on playing cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions. It implies, further authentication won’t be want for fee of Rs 15,000 per transaction.
“On a overview of implementation of the e-mandate framework and the safety obtainable to prospects, it has been determined to extend the…AFA restrict from Rs 5,000 to Rs 15,000 per transaction,” the Reserve Financial institution stated in a round.
The Reserve Bank of India (RBI) has, over the previous decade, put in place numerous security and safety measures for card funds, together with the requirement of AFA, particularly for ‘card-not-present’ transactions.
Beneath e-mandate, a person may give standing instruction to the financial institution to debit a certain amount routinely on recurring foundation.
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