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Below is Quote on the RBI Monetary Policy Announcements by Mr. Dewang Neralla, CEO - NTT DATA Payment Services India Ltd.

E-mandate on cards for recurring payments, limit upped from Rs 5,000 to Rs 15,000 per transaction

It is a welcome move by the central bank. Increased limit will lead to increased convenience for the consumers as well as concerned businesses such as monthly pay-outs done for paying school/college fees, electricity bill payments, mobile payments, and lending organizations. The mandatory notification 24 hrs prior to the auto-debit shall ensure that the consumer is warned ahead in time to maintain the requisite card balances.

Credit cards, starting with RuPay credit cards, can now be linked to UPI

Over a period of time, UPI has become a transaction channel of choice for consumers for digital payments. With linking of credit cards to UPI, this would add on to the convenience for consumers, who would not need to use their physical card. Although this would be started for Rupay credit cards, we hope this is extended to other card schemes soon enough so that a large part of consumers are included. This would also add onto safety with card data securely in hands of the users now and make the QR Code ubiquitous for debit card/account as well as credit card-based payments in times to come.

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