RBI sets ₹15,000 limit for recurring transactions without OTP

RBI has set a ₹15,000 per-transaction limit for recurring payments without the need for additional factor authentication such as OTP. Transactions above this threshold will require AFA, the central bank said in its e-mandate framework for digital payments. Payment of insurance premiums, mutual fund subscriptions and credit card bill payments may be made without AFA up to ₹1 lakh/transaction.