Good news! Your card transactions in contactless mode, e-Mandates for recurring transactions hiked to Rs 5000 by RBI
With a view to push the adoption of digital payments in a “safe and secure manner”, the Reserve Bank of India (RBI) today increased the limits for contactless card transactions and e-mandates for recurring transactions through cards (and UPI) from Rs 2,000 to Rs 5,000. This will come into effect form 1 January 2021. The operational instructions will be issued separately
The announcement was made during the December bimonthly Monetary Policy Committee (MPC) announcements by Governor Shaktikanta Das. Source: Reuters