Debit and Credit Card Auto-Pay: The Reserve Bank of India has recently provided a refund to its customers on recurring payments. Postponed the implementation of the new regulations until September 30, 2021. RBI on Wednesday
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Debit and Credit Card Auto-Pay: The new financial year in our country starts from April 1. In this context, the RBI has announced new rules on automatic debit and credit card payments. However, the Reserve Bank of India has recently given the go-ahead to customers on recurring payments. Postponed the implementation of the new regulations until September 30, 2021. The RBI on Wednesday issued a statement to this effect. This allows for additional verification of automatic payments.
RBI has issued new guidelines mandating additional certification from customers for automatic ‘recurring’ payments for various services including recharges, OTT, DTH, utility bills, requiring customers to comply with two-step authentication rules for debit card and credit card recurring payments.
According to the new rules, banks and credit card service providers must send a message to customers five days in advance that the money will be deducted. This should be answered by the customer as OK. Then the auto debit facility will work. The new RBI rules will come into effect from April 1
Under the new rules, recurring automatic payments will be limited to Rs. If it exceeds 5000 .. Banks, NBFCs, payment gateways will have to send the OTP to the payers and complete the transaction after getting their approval. Otherwise those payments will not be allowed. Earlier, Rs. The RBI intends to limit this to all transactions exceeding 2000. However, with requests to increase the limit, Rs. The AFA mandated payments in excess of 5,000.
However, banks and other vendors are not in a position to enforce the RBI rules. It seems that the central government needs some time. In view of this, the RBI has extended the deadline for implementation of the new rules to September 30. Until then, debit and credit card automatic payments will continue as usual.
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