Hassle-free FASTag, Metro card payments from now on; RBI puts them under e-mandate list

WhatsApp Group Join Now
Telegram Group Join Now

The RBI will add FASTags and the National Common Mobility Card to the e-mandate system for user convenience.

Hassle-free FASTag, Metro card payments from now on; RBI puts them under e-mandate list

The Reserve Bank of India has included FASTags and the National Common Mobility Card (NCMC) in the e-mandate framework to simplify and ease balance replenishment for users, according to Governor Shaktikanta Das.

“The use of e-mandates for recurring payments is growing. It’s now proposed to include payments like reloading FASTag and National Common Mobility Card (NCMC) balances, which are recurring but not on a fixed schedule, in the e-mandate system. This will allow customers to automatically reload their FASTag and NCMC balances when they drop below a set limit, making travel and mobility payments more convenient,” said the Governor during the Monetary Policy Committee announcements on Friday.

WHAT DOES THIS MEAN? 

This means users won’t need to manually refill the cards once the balance drops below a set limit.

WHAT IS E-MANDATE?

An e-mandate is an instruction from a user to their bank or other institutions to automatically debit a specified amount from their bank account.

The e-mandate simplifies digital payments to meet various needs. Once set up, it requires no further personal interaction. It was introduced by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), evolving from an offline mandate to an e-mandate.

The e-mandate can be used for bill payments, SIPs, insurance payments, OTT subscriptions, and more. While it operates without human intervention, users must receive a debit notice at least 24 hours in advance.

WHAT INFORMATION IS REQUIRED FOR E-MANDATE?

 

WhatsApp Group Join Now
Telegram Group Join Now

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top