RBI released a big update regarding Fastag, users will get this benefit
RBI latest fastag Wallet Update: If you are a driver and use fastag then this news is useful for you. Actually, recently RBI i.e. Reserve Bank of India has released a big update regarding fastag on last Thursday.
News Club (Bureau). If you have a vehicle and it has a fastag installed, then this news can prove to be very special for you. The country's central bank, the Reserve Bank of India (RBI), has released a new update (fastag latest update) for fastag users. On Thursday, RBI modified the e-mandate framework and approved the National Common Mobility (fastag recharge) card, i.e. NCMC, for auto replenishment in fastag.
What is e-Mandate Framework?
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 (fastag balance check) that the amount of NCMC can be used for auto replenishment in fastag. No fixed period has been fixed for this. This facility will work for e-mandate framework (fastag monthly pass).
RBI gave big information
RBI said in a circular that auto-replenishment of balance in Fastag and NCMC, which gets triggered when the balance falls below the limit set by the customer, will now come under the existing e-mandate framework.
These transactions, being recurring, will be exempt from the requirement of sending pre-debit notifications to customers 24 hours before the actual charge.
In June, RBI proposed to bring Fastag and National Common Mobility Card in auto payment mode. Under the current e-mandate framework, there is a need to inform the customer at least 24 hours before withdrawing money from his account.