FASTag Payment :Now FASTags payments and National Common Mobility Card (NCMC Payments) payments will become even easier. Actually, the Reserve Bank of India (RBI) wants to increase the scope of auto payments. Therefore, the central bank has proposed to bring FASTag, National Common Mobility Card in it as well. Under this, if the money to avail these facilities is less, then the payment (recharge) for these services will be made from the customer’s account itself. The limit of the remaining amount will be decided by the customers themselves.
RBI Governor Shaktikanta Das, while giving information about the decision of the Monetary Policy Committee (MPC), said that under e-mandate i.e. electronic approval for payment, currently, for fixed-term facilities like daily, weekly, monthly, payment is automatically made from the customer’s account at a fixed time. Now, such facilities and platforms are being added to it for which no time for payment is fixed. In which payment is made when the deposit amount gets reduced.
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What is e-mandate
E-Mandate is a digital payment service launched by RBI for customers. It was launched on January 10, 2020. According to a statement issued by RBI, under the current e-mandate framework, there is a need to inform at least 24 hours before withdrawing money from the customer’s account. Under the e-mandate framework, it is proposed to exempt this requirement for payments made from the customer’s account for automated payments in Fastag, NCMC etc. Also, RBI has proposed to bring UPI Lite under the ‘e-mandate’ framework.
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Limit in UPI Lite Wallet
The statement said that the UPI Lite facility currently allows a customer to keep up to Rs 2000 in his UPI Lite wallet and make payments of up to Rs 500 from the wallet. Das said that to enable customers to use UPI Lite seamlessly, and based on the feedback received from various stakeholders, it is proposed to bring UPI Lite under the ambit of the ‘e-mandate’ framework by introducing an ‘auto-replenishment’ facility to add money to the UPI Lite wallet by the customer, if the balance falls below the limit set by him.
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No additional verification required
According to RBI, since the amount remains with the customer (the amount is transferred from his account to the wallet), it is proposed to eliminate the need for additional verification or information before withdrawing money from the account. The relevant guidelines regarding the above proposal will be issued soon.