The Reserve Bank of India (RBI) on Thursday gave a big approval for customers with Fastag. The National Common Mobility Card has now been allowed for auto replenishment in Fastag. Know its details ahead.
The country’s central bank, the Reserve Bank of India (RBI), on Thursday modified the e-mandate framework and approved the National Common Mobility Card (NCMC) for auto fulfillment in Fastag.
What is the e-mandate framework at present?
Currently, the e-mandate framework requires pre-debit card notification 24 hours before the actual debit from the customer’s account. RBI had announced in June this year that the amount of NCMC can be used for auto fulfillment in Fastag. No fixed period has been set for this. This facility will work for the e-mandate framework.
RBI gave information in the circular
RBI has said in one of its circulars that whenever the amount deposited by the customer for auto fulfillment in Fastag goes below the amount of NCMC, then its limit will be determined under the e-mandate framework. RBI further said that for auto fulfillment of payment in FastTag, whenever the required periodicity period is exceeded, a pre-debit notification will be sent to the customer. In this way, users will get a lot of convenience from this.
