Wednesday, November 6, 2024
HomeBusinessFASTag will get rid of the hassle of repeated recharges, RBI announced...

FASTag will get rid of the hassle of repeated recharges, RBI announced guidelines

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RBI FASTag Rules Updates: Reserve Bank of India has introduced a new rule for all banks. Under which no pre-debit notification will be issued on auto-replenishment of services like FASTag and National Common Mobility Card (NCMC). Also, RBI has included FASTag and National Common Mobility Card (NCMC) in the e-mandate framework. In this payment system, if the amount is less than a fixed limit, the customer’s account will be automatically linked, so that customers will get rid of the hassle of frequent FASTag recharge. As the customer’s account is directly linked to the Fasteg account, there is no need to worry about checking the Fasteg balance. The e-mandate framework was created in 2019. Auto-replenishment of balances in FASTag and NCMC, which is triggered when customers have a balance below a certain limit, said a Reserve Bank of India circular. It will be covered under the available e-mandate framework. This facility will eliminate the need for pre-debit notifications to be sent to customers 24 hours before the actual charge. The e-mandate framework was first introduced in 2019 through a circular. So that customers’ security can be increased by giving advance notification of debits from their accounts. But as per current update, RBI convenience requirement and secure auto transaction facility with the help of technology has been implemented.

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