New RBI Rule: Confusion Over Auto Debit Payment System Adding To Customers' Woes
3 years, 2 months ago

New RBI Rule: Confusion Over Auto Debit Payment System Adding To Customers' Woes

ABP News  

New RBI Rule: A major change in the Auto Debit option came into effect on October 1. Due to this RBI rule, customers who have taken monthly subscriptions to services like Netflix, Amazon Prime, other OTT platforms or websites are facing issues as their subscription cannot be automatically renewed anymore. RBI's new rule on Auto Debit facility A major change in Auto Debit or Recurring payment system came into effect on October 1. According to RBI rule, banks will now facilitate 'additional factor authentication' on auto debit payments to customers, i.e., now if you have taken a subscription to an over-the-top platform or any other website, the automatic payment that takes place every month will no longer happen automatically.

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History of this topic

Credit card, debit card payment: New rule on auto-debit transactions from next month
3 years, 3 months ago

Credit card, debit card payment: New rule on auto-debit transactions from next month

Live Mint  

Starting from next month, the auto-payment rules are likely to be changed. The Reserve Bank of India earlier stated that recurring transactions using debit cards, credit cards, Unified Payments Interface or other prepaid payment instruments will need additional factor authentication. “As per RBI guidelines on ‘Processing of e-mandate on cards for recurring transactions’, effective 1st October 2021, existing/new Standing Instructions …

RBI defers rules on auto debit transactions till Oct
3 years, 8 months ago

RBI defers rules on auto debit transactions till Oct

Live Mint  

The Reserve Bank of India on Wednesday deferred new rules on automatic debit by six months, in a relief to banks, customers and the digital payments ecosystem unprepared for the 31 March deadline. A central bank notification said the industry has not fully implemented the new framework it announced in August 2019, and that “non-compliance will be dealt with seriously”. …

Your Auto-debit Facility for Bills Might Fail from April 1; Here's Why
3 years, 8 months ago

Your Auto-debit Facility for Bills Might Fail from April 1; Here's Why

News 18  

Have you subscribed to any auto-debit facility for bills? Come April 1, your recurring monthly bill payments like mobile phones, utility bills, subscription charges for OTT streaming services, among others may soon be affected. RBI in its diktat has made it mandatory for banks to seek customer’s approval before completing any such transaction.The Banking regulator has given time till March …

Debit, credit card automatic payment rule to change from April 1: All you need to know
3 years, 8 months ago

Debit, credit card automatic payment rule to change from April 1: All you need to know

India Today  

The automatic or recurring payment facility for mobile recharges, utility and other bills is likely to be stopped from April as the Reserve Bank of India has made an additional factor of authentication mandatory after March 31. The central bank had earlier stated that recurring or automatic payments using debit cards, credit cards, Unified Payment Interface and other prepaid instruments …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

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