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The Reserve Bank of India has increased the limit for auto-debit mandates for making recurring payments. What is the new maximum limit as per the announcement?

A.
Rs. 10,000
B.
Rs. 20,000
C.
Rs. 15,000
D.
Rs. 5,000

Solution:

The correct answer is Rs. 15,000. The Reserve Bank of India has increased the limit for auto-debit mandates for making recurring payments from Rs 5,000 to Rs 15,000. Customers will no longer need to authenticate such payments manually by entering a one-time password for payments up to Rs. 15,000. RBI Governor Shaktikanta Das has informed that the decision is aimed to further augment customer convenience and leverage the benefits available under the framework. According to the central bank, over 6. 25 crore mandates have been registered under the existing framework to date. This includes over 3,400 international merchants. Additional InformationShaktikanta Das. 25th Governor of RBI. He was appointed by the Appointment Committee of the Cabinet. He was earlier a member of the Fifteenth Finance Commission and India's Sherpa to the G20.

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