RBI Bringing In Auto-Replenishment Facility For Fastag, NCMC & UPI Lite Wallet

2024-06-07 02:30:16

(MENAFN- IANS) Mumbai, June 7 (IANS) The Reserve Bank of India (RBI) has decided to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc. which are recurring in nature but without any fixed periodicity, in the e-mandate framework.

RBI Governor Shaktikanta Das said on Friday that this will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel-related payments.

The RBI has also decided to introduce Auto-Replenishment of UPI Lite Wallet. The step is aimed at wider adoption of UPI Lite by bringing it under the e-mandate framework.

“A facility is also being introduced for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit. This will further enhance the ease of making small value digital payments,” Das explained.

UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet.

MENAFN07062024000231011071ID1108307870

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.