RBI Hikes E-Mandate Limit For Recurring Payments To INR 1 Lakh

RBI Hikes E-Mandate Limit For Recurring Payments To INR 1 Lakh

Big Boost for Recurring Payments! RBI Raises Limit to ₹1 Lakh

Heads up, Subspace users! Big news on the recurring payments front. The Reserve Bank of India (RBI) has significantly increased the limit for automated debits through e-mandates, making life easier for everyone.

What's changed?

  • The limit for recurring payments like mutual fund subscriptions, insurance premiums, and credit card bills has skyrocketed from ₹15,000 to a whopping ₹1 Lakh!
  • This means you can now schedule hassle-free automated debits for these expenses without needing any additional authentication steps.

Why is this important?

  • This update comes as a breath of fresh air for Subspace users and simplifies managing recurring expenses. No more worrying about hitting transaction limits or dealing with extra authentication hassles.
  • This move also benefits businesses offering subscription services, including OTT platforms and international giants operating in India. The previous limit had significantly impacted their growth potential.

Here's a quick recap of the benefits:

  • <b></b><b></b><font style="color: rgb(255, 19, 0);"><b>Convenience:</b>&nbsp;</font>Schedule automatic payments and never miss a beat.
  • <b><font style="color: rgb(255, 19, 0);">Control:</font>&nbsp;</b>Set limits for your debits and track your spending with ease.
  • <b><font style="color: rgb(255, 19, 0);">Security:</font>&nbsp;</b>Subspace uses bank-level security to keep your financial data safe.
  • <b></b><b><font style="color: rgb(255, 19, 0);">Flexibility:</font></b>&nbsp;Enjoy higher limits for automated debits on Subspace.

Ready to experience the power of streamlined financial management? Head over to subspace and sign up for free today.

Additional notes:

  • The RBI introduced e-mandates in 2021 for secure recurring payments, initially with strict limits and authentication requirements.
  • The limit was increased from ₹5,000 to ₹15,000 in June 2022, but the latest hike to ₹1 Lakh marks a significant shift.
  • This move is expected to boost the Indian subscription economy, which had been negatively impacted by previous restrictions.

Remember, Subspace is your ultimate companion for simplifying recurring payments. So take advantage of the increased limits and enjoy a smoother financial experience!