Update to E-Mandate Framework: Exemption of Pre-Debit Notifications for Auto-Replenishment of FASTag and NCMC.
22 August 2024
The circular outlines an update to the e-mandate framework for recurring transactions. Key points include:
1. Pre-Debit Notification Exemption: Previously, issuers were required to send a pre-debit notification at least 24 hours before charging a customer's account. This requirement will not apply to auto-replenishment transactions for FASTag and National Common Mobility Cards (NCMC), which occur when the balance falls below a customer-set threshold and do not follow a fixed schedule.
2. Inclusion of Auto-Replenishment: The auto-replenishment feature for FASTag and NCMC, previously outside the e-mandate framework, is now included.
3. Continuity of Other Instructions: All other guidelines from the e-mandate framework remain unchanged.
4. Effective Date: This update is effective immediately and is issued under the Payment and Settlement Systems Act, 2007.