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What is the maximum limit permitted by Reserve Bank of India(RBI) for processing e-mandate on credit and debit cards along with Prepaid Payment Instruments (PPIs)?
  • a)
    Rs 1,000
  • b)
    Rs 10,000
  • c)
    Rs 2,000
  • d)
    Rs 5,000
  • e)
    None of these
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
What is the maximum limit permitted by Reserve Bank of India(RBI) for ...
India’s central bank, the Reserve Bank of India(RBI) has permitted processing of e-mandate on credit and debit cards along with Prepaid Payment Instruments (PPIs), including wallets for recurring merchant payments with AFA (Additional Factor Authentication, a security measure put in place for card payments that requires OTP – one-time password verification) during registration and 1st transaction. It will come into effect from 1 September 2019. The maximum permissible limit under this payment system shall be Rs 2,000 per transaction.
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