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 be required to send one time passwords to customers HDFC Bank, ICICI Bank, SBI as well as card scheme operators like American Express and Mastercard notified network partners about their inability to process standard instructions recurring mandate-based payments, as per reports. “All the ecosystem players, be it banks and payment gateways are guilty of not taking RBI directive seriously from 2019 and not being able to come on a single platform, which we should have done at least a couple of months back so that there could have been a smooth transition to the new way of doing recurring transactions,” Payments Council Of India chairman Vishwas Patel told news agency PTI. Earlier this month, the RBI directed payment gateways, card-issuing banks, and other payment service providers to stop storing card details permanently citing data leaks.

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History of this topic

RBI proposes regulation for safer digital payments
4 months, 3 weeks ago

RBI proposes regulation for safer digital payments

The Hindu  

The RBI released a draft circular proposing an Alternative Factor Authentication for all transactions in a move to prioritise security of digital payments, according to its statement on July 31. In addition to these, the banking regulator also said the kind of factor should be determined based on a host of parameters including a risk profile of the customer and …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks
9 months, 2 weeks ago

RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks

India TV News  

RBI guidelines: The Reserve Bank of India on Wednesday issued new guidelines aimed at providing more options and flexibility for credit card customers. The central bank said card issuers must allow provide an option to their eligible customers to choose from multiple card networks at the time of issue. “On a review, it is observed that some arrangements existing between …

NPCI to examine Paytm's third-party app request for UPI: RBI
10 months ago

NPCI to examine Paytm's third-party app request for UPI: RBI

Hindustan Times  

The Reserve Bank of India on Friday said it has advised National Payments Corporation of India to examine One97 Communication Limited's request seeking approval for the Third-Party Application Provider route for continuation of Paytm's Unified Payments Interface services. Paytm Payments Bank cannot onboard new customers after March 15 One97 Communication Limited is the parent firm of fintech major Paytm. On …

Paytm Payments Bank crisis: RBI issues 30 FAQs after crackdown
10 months ago

Paytm Payments Bank crisis: RBI issues 30 FAQs after crackdown

Hindustan Times  

The Reserve Bank of India, soon after extending the deadline to halt operations, issued a list of frequently asked questions for Paytm Payments Bank account holders. After March 15, 2024, you will not be able to deposit money into your account with Paytm Payments Bank. After March 15, 2024, you will not be able to receive any such credits into …

RBI Releases FAQs on Paytm Payments Bank Operations After March 15
10 months, 1 week ago

RBI Releases FAQs on Paytm Payments Bank Operations After March 15

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Friday issued a list of frequently asked questions on Paytm Payments Bank for the convenience of the customers of the fintech giant which has been banned from onboarding new customers. The RBI in a press statement announced extending the deadline for Paytm Payments Bank to wind down operations by 15 days to March …

RBI gives 15 more days till March 15 to Paytm Payments Bank to stop transactions
10 months, 1 week ago

RBI gives 15 more days till March 15 to Paytm Payments Bank to stop transactions

The Hindu  

The RBI on February 16 gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants. As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, …

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000
1 year ago

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000

Firstpost  

In order to curb scams that use online transactions, the government of India is thinking of ways to add some friction bewteen first time transactions between two parties, if the amount is over Rs 2,000 The government of India is planning to add friction in the way first-time online transitions are done between two parties, in order to combat online …

RBI’s nod to payment aggregators signals start of light-touch regulation
1 year, 10 months ago

RBI’s nod to payment aggregators signals start of light-touch regulation

Live Mint  

It is a measure of the rapid growth of digitization in India over the past few years, accompanied by that of fintechs providing innovative solutions and services, that India’s central bank had to move in with a regulatory framework to bring some of these non-banks under its ambit. Without a formal regulatory structure, India has had many payment aggregators and …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means
2 years, 5 months ago

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means

News 18  

Mumbai, Jun 24: The Reserve Bank of India on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' – thereby enabling more secure transactions. As per the RBI mandate to enhance …

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

Debit, Credit Card Rule Changes Today: No OTP Needed for Recurring Payments Up To Rs 15,000
2 years, 6 months ago

Debit, Credit Card Rule Changes Today: No OTP Needed for Recurring Payments Up To Rs 15,000

News 18  

The Reserve Bank of India has announced that e-mandates for recurring payments have been hiked from Rs 5,000 to Rs 15,000. “The e-mandate framework prescribed an Additional Factor of Authentication, inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments and Unified Payments Interface. “To further facilitate recurring payments like subscriptions, …

RBI Policy: Now, no OTP needed for auto-debit recurring payments upto Rs 15,000
2 years, 6 months ago

RBI Policy: Now, no OTP needed for auto-debit recurring payments upto Rs 15,000

India TV News  

Highlights RBI had in 2019 first introduced the rule for processing recurring payments The latest decision means that customers will no longer need to authenticate payments manually The RBI decided to increase the limit after stakeholders urged central bank to revise the cap RBI Policy: The Reserve Bank of India has increased the limit for auto-debit mandates for making recurring …

Debit, credit card: No OTP needed for recurring payments up to ₹15,000
2 years, 6 months ago

Debit, credit card: No OTP needed for recurring payments up to ₹15,000

Live Mint  

The Reserve Bank of India today announced an increase in limit for e-mandates/ standing instructions on credit/debit cards and prepaid payment instruments for recurring transactions to ₹15,000, from ₹5,000 at present. Under the current framework, the processing of e-mandate based recurring payments on cards requires an additional factor of authentication during registration, sending a pre-debit notification. "Requests have been received …

Key takeaways from RBI circular on credit cards
2 years, 7 months ago

Key takeaways from RBI circular on credit cards

Live Mint  

The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

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 …

Will your standing instructions with payments provider continue unhindered?
3 years, 2 months ago

Will your standing instructions with payments provider continue unhindered?

The Hindu  

Starting Friday, October 1, 2021, standing instructions that you may have left with your payments provider for certain recurring electronic payments may not be carried out without some additional steps. For all recurring digital payments above ₹5,000 made via debit cards, credit cards, prepaid payment instruments – including wallets – and the Unified Payments Interface facility, additional factor authentication rules …

In Focus: Will your recurring payments fail from today?
3 years, 2 months ago

In Focus: Will your recurring payments fail from today?

Business Standard  

Starting today, every customer who makes use of recurring transactions using debit cards, credit cards and Unified Payments Interface must undertake a one-time additional factor authentication for smooth auto-debit transactions starting today. Banks have been informing customers for some time now that their standing instructions on recurring payments will not be honoured as comply with the RBI guidelines. The new …

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule
3 years, 2 months ago

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule

News 18  

To ensure the security of transactions, the Reserve Bank of India mandated a new rule for the auto-debiting facility of banking transactions that were set to take effect from October 1, Friday. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till …

Automated bill/card payments stop from today
3 years, 2 months ago

Automated bill/card payments stop from today

Deccan Chronicle  

New Delhi: Effective October 1, automatic recurring payments that you make via your debit, credit cards or mobile wallets/UPI will not be automatic but would require your authentication. Payment services such as electricity bills, gas, water or any other utility bills, mobile recharge, DTH, OTT, automatic subscriptions for newspapers, magazines, insurance premium, Netflix, Amazon, will mandatorily require additional factor of …

Credit card
3 years, 2 months ago

Credit card

Live Mint  

Customers who use the auto-debit facility on their debit and credit cards for recurring payments may see some transactions fail from October 1. Please note: Effective 1st Oct 2021, the Bank will NOT approve any Standing Instruction given at Merchant Website / App, on HDFC Bank Credit card/Debit Card, unless it is as per RBI compliant process,” HDFC Bank mentioned …

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 relaxes current account norms, extends deadline to implement new rules. Check details
3 years, 4 months ago

RBI relaxes current account norms, extends deadline to implement new rules. Check details

India TV News  

The Reserve Bank of India on Wednesday issued guidelines for the implementation of the circular on the opening of current accounts by banks. The central bank has given banks time until October end to implement the new rules on current accounts issued in 2020. In the case of borrowers who have not availed of the CC/OD facility from any bank, …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your …

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”. …

RBI extends timeline for processing of recurring online transactions till Sept 30
3 years, 8 months ago

RBI extends timeline for processing of recurring online transactions till Sept 30

India TV News  

The Reserve Bank of India on Wednesday extended the timeline for the processing of recurring online transactions till September 30, 2021. RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. To prevent any …

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30
3 years, 8 months ago

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30

News 18  

The Reserve Bank of India had recently announced that automatic payment of things like bills and subscriptions will not be allowed starting April 1, directing all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under arrangements/practices not compliant with AFA would not be continued beyond …

Auto-Payment Of Bills, Subscriptions May Face Issues From April 1 Due to RBI Direction
3 years, 8 months ago

Auto-Payment Of Bills, Subscriptions May Face Issues From April 1 Due to RBI Direction

News 18  

Come April there will be no automatic recurring payment for various services including recharge and utility bill as RBI has made Additional Factor of Authentication mandatory after March 31. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under …

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 …

Automatic recurring payment to comply with RBI direction from April 1
3 years, 8 months ago

Automatic recurring payment to comply with RBI direction from April 1

The Hindu  

Come April there will be no automatic recurring payment for various services including recharge and utility bill as RBI has made Additional Factor of Authentication mandatory after March 31. However, banks and payment gateways are seeking additional time to comply with the RBI directive on automatic recurring payment. On December 4, RBI had directed all banks including RRBs, NBFCs, and …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

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