Banks won't send pre-debit notifications for these two types of recurring payment e-mandates
RBI) has announced that there will not be any pre-debit notification on auto-replenishment of FASTag and NCMC, as and when the balance falls below the preset limit.
In its monetary policy meeting held in June 2024, the RBI announced the inclusion of recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
The RBI circular dated August 22, 2024 said, “It has been decided to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework. Payments for auto-replenishment, since they are recurring in nature but without any fixed periodicity, will be exempt from the requirement of pre-debit notification”
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It means that incase such as FASTag and NCMC which are recurring in nature but without any fixed periodicity payments for auto-replenishment will be debited without any intimation from the bank.
As per the rule on the e-mandate framework prescribed, that the issuer should send a pre-debit notification to the customer at least 24 hours prior to the actual charge or debit to the account.
The RBI monetary policy statement on June 7, 2024: “It is now proposed to include payments, such as replenishment of balances in Fastag, NCMC, etc. which are recurring in nature but without any fixed periodicity, into the e-mandate framework. These categories of payments are made
