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 rules have been mandated by RBI while keeping in mind the customer’s convenience and safety during such recurring transactions. Some lenders who are yet to comply with the new rules have advised customers to make direct payments for their standing instructions as the old facility has been scrapped.

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History of this topic

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 Card, Credit Card Rule Change: E-mandate Limit for Recurring Payments Hiked to Rs 15,000
2 years, 6 months ago

Debit Card, Credit Card Rule Change: E-mandate Limit for Recurring Payments Hiked to Rs 15,000

News 18  

RBI MPC Decisions: The Reserve Bank of India on Wednesday, June 8, increased the limit on the mandates on recurring payments via cards, both credit and debit from Rs 5,000 to Rs 15,000 per transaction. “To further facilitate recurring payments like subscriptions, insurance premiums, education fees of larger value under the framework, the limit is being enhanced from Rs 5,000 …

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 …

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 …

Debit, Credit Card Payments may Fail from Next Month If you don't Follow this New Rule
3 years, 3 months ago

Debit, Credit Card Payments may Fail from Next Month If you don't Follow this New Rule

News 18  

For those bank account holders who use their debit/credit cards or mobile wallets for recurring auto-debit transactions, there is going to be a change coming in from next month. Then again in March of this year, the apex bank issued an additional mandate extending the deadline for the implementation by six months, making the last date September 30, 2021. As …

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”. …

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 …

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 …

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 …

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 …

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 …

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