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Good news for FASTag, NCMC users! RBI governor Shaktikanta Das on Friday announced that users of FASTag and National Common Mobility Card will now be able to add balance to their cards using the recurring payments mechanism through e-mandate framework.“The adoption of e-mandates for recurring payment transactions has been increasing. It is now proposed to include payments such as replenishment of balances in FASTag, National Common Mobility Card, that is NCMC, etc, which are recurring in nature, but without any fixed periodicity in the e-mandate framework,” he said.
“This will enable customers to automatically replenish the balances in FASTag, NCMC, etc. Iif the balance goes below the threshold limit set by them. This will enhance convenience in making travel and mobility related payments,” he added.
Shaktikanta Das also said, “The Reserve Bank has taken a number of measures over the years to deepen digital payments, while ensuring that safety and security. These measures have boosted consumer confidence. Growing incidences of digital frauds, however, highlight the need for a system wide approach to prevent and mitigate such frauds. It is therefore proposed to establish a digital payments intelligence platform for network level intelligence and real time data sharing across the digital payments ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up this platform.”
This story is being updated
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