RBI expands e-mandate rules for cross-border card, wallet, UPI payments
RBI has just rolled out new e-mandate rules that now cover cross-border recurring payments made with cards, prepaid wallets, and UPI.
The main goal? To make digital payments safer and help fight fraud.
You can also cancel your e-mandates anytime using extra authentication steps (no hassles).
RBI caps e-mandates ₹15,000, mandates alerts
You can set up e-mandates for both fixed and flexible amounts, but there's a ₹15,000 cap per transaction on recurring payments.
For credit card spends, insurance, and mutual funds without extra authentication (like insurance or mutual funds), the limit is ₹1 lakh.
Banks now have to alert you at least 24 hours before any money goes out, sharing details like the amount and merchant name, though this doesn't apply to auto top-ups for FASTag or National Common Mobility Card (NCMC).
Plus, all the usual protections against unauthorized transactions still stand, as long as you report them quickly.