RBI said that there is no fixed time for payment under Fastag and NCMC. Payment may be required at any time, so money will be credited to the account without any fixed time limit.
New Delhi. Many vehicle owners often forget to recharge their Fastag wallet. Because of this, they have to pay double the money at the toll. But, now this will not happen. But, now the Reserve Bank of India has solved this problem of theirs. As soon as the Fastag balance falls below the prescribed limit, money will automatically come from the customer’s bank account to the wallet. This has been made possible by the Reserve Bank of India’s inclusion of Fastag and NCMC in the e-mandate framework. The Reserve Bank of India on Thursday announced the inclusion of both of these in the e-mandate framework. That is, now Fastag and National Common Mobility Card users will get rid of the hassle of repeatedly putting money in these two payment instruments.
RBI said in its press release that there is no fixed time for payment under Fastag and NCMC. Payment may be required at any time, so money will be credited from the account without any fixed time limit. When the balance in these payment instruments falls below the set limit, money will be automatically deducted from the customer’s account and added to these wallets. For this, the user will not need to add money manually again and again.
What is the e-Mandate Framework
The e-Mandate Framework, which was established by a series of circulars starting in 2019, was designed to protect customers by notifying them of upcoming debits to their accounts. The e-Mandate framework requires a notice at least 24 hours before any withdrawal from a customer’s account.
Under the ‘e-mandate’ i.e. electronic approval for payment, currently, for fixed-term facilities like daily, weekly, monthly etc., payment is automatically made from the customer’s account at a fixed time. For this mechanism, the user has to give permission to debit the money once through e-mandate.
