Banks process nearly 2 mn e-mandates for auto-payment after RBI order

Industry estimates recurring transactions at 2.5% of total volume, and 1.5% in terms of value. Of these, 75% domestic transactions, and 85% international are below Rs 5,000

Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said.  

Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.  

In August, total credit card transactions