Prime Time Zone, Webdesk: RBI has given a big boost to customers who pay their mobile, current, water bills and OTT bills automatically through credit card, debit card, UPI and other prepaid payments. The Reserve Bank of India (RBI) on Wednesday issued new guidelines extending the pre-debit notification rules for automatic payments from April 1 to September 30.
RBI has introduced regulations mandating approval from customers for automatic recurring payments. The RBI has made it clear in the past that it is taking these steps to strengthen security and security in card transactions. However, the RBI decided to extend it for six months as banks were not fully prepared for the issue. According to these rules .. Recurring automatic payments will be Rs. Banks, card companies and other financial institutions are required to notify customers through OTP if it is more than Rs 5,000. Transactions must be completed only after the customer has given permission. Payment will not be made unless approved by the customer. The latest extension has given a boost to banks, other companies and consumers.
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