RBI clears e-mandate for auto-replenishment of FASTag, NCMC
The Reserve Bank of India (RBI) on Thursday announced an update to its e-mandate framework by extending its scope to include auto replenishment of balance for FASTag and National Common Mobility Card (NCMC), which are recurring in nature but without any fixed periodicity.
“It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework,” the RBI said in a circular. “Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification,” it added. The circular came into immediate effect.
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