Q. As per RBI, Additional Factor Authentication (AFA) by OTP for all recurring transactions above Rs. ……… is mandated?
Answer:
Rs 5000
Notes: The Reserve Bank of India has mandated all banks to make Additional Factor Authentication (AFA) by way of OTP for all recurring or repetitive payments of value Rs.5000 and above, especially for the ones made through credit and debit cards. This has come into effect from 1st October 2021.
RBI has also mandated that customers are notified about the scheduled payment 24 hrs in advance by the bank.