FASTags, NCMC payments to become more easier: You don't have to add money manually for each recharge
monetary policy meeting, the Reserve Bank of India (RBI) announced the inclusion of recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
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The framework for processing e-mandate for recurring transactions allows for specified periodicity recurring payments, such as weekly, monthly, or daily.
Also read: Now autofill your UPI Lite balance: You will soon get option to have auto debit mandate to maintain UPI Lite balance
What is proposed?
The RBI said in its Statement on Developmental and Regulatory Policies during the monetary policy meeting on June 7, 2024 said, “The adoption of e-mandates for recurring payment transactions has been increasing. It is now proposed to incorporate payments into the e-mandate framework that are recurring in nature but do not have a set frequency, such as replenishing balances in Fastag, NCMC, etc. Since these payment categories are replenished on an as-needed basis, there are no time or quantity restrictions. For these payments, it is suggested to provide an automated replenishment feature within the e-mandate architecture. When a customer's threshold amount is lowered in Fastag or NCMC, an automated replenishment will take place. This will improve the ease of travel and mobility payments.”
What is the
