CURRENT AFFAIRS

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: -₹1 lakh is the maximum limit per day for mandates through eNACH. To transfer more than ₹1 lakh in a single day, the transfer should be done manually.

Detailed explanation-4: -(iii) Branches of banks are required to report all cash deposits and withdrawals of Rs. 10 lakhs and above as well as transactions of suspicious nature with full details in fortnightly statements to their controlling offices.

Detailed explanation-5: -UPI money transfer limit According to NPCI guidelines, a person can make a maximum payment of up to Rs 1 Lakh per day through UPI. The limit varies from bank to bank as small banks such as Canara Bank only allow Rs 25,000 while big banks like SBI have set daily UPI transaction limit to Rs 1,00,000.