The Reserve Bank of India (RBI) has relaxed the norms for Additional Factor of Authentication (AFA) for online card transactions of up to uline{1cm}

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India (RBI) has relaxed the norms for Additional Factor of Authentication (AFA) for online card transactions of up to _________

A	Rs 5000
B	Rs 7000
C	Rs 1000
D	Rs 2000

Explanation:

Detailed explanation-1: -On a review of implementation of the e-mandate framework and the protection available to customers, it has been decided to increase the aforesaid AFA limit from ₹5, 000/-to ₹15, 000/-per transaction.

Detailed explanation-2: -The Reserve Bank (RBI) on Thursday raised the Additional Factor of Authentication (AFA) limit from ₹5, 000 to ₹15, 000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions.

Detailed explanation-3: -“As per the regulatory guidelines of RBI, with effect from 01st October, 2022, Banks introduce tokenization facility for all the card users of both Debit and Credit card holders of RuPay/VISA/Master card to enhance online transaction security.

Detailed explanation-4: -Debit and credit card details like 16-digit card number, name, expiry date and CVV are required during an online transaction. The online platforms used by customers also provide an option to save card data for easy completion of transactions in future. This data is known as “card on file” or CoF.

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