Photo: The Print
RBI Extends Bank's Deadline For Auto Debit Payments By Six Months
The RBI has extended the deadline for banks failing to adhere to the regulator’s new e-mandate guidelines for recurring payments till September 30. According to the 2019 RBI notification, banks are required to seek approval from customers before auto-debit transactions. Citing it a move to protect customers against fraudulent transactions, RBI earlier fixed it to roll from April 1. Moreover, the banking regulator also asked them to comply or… read-more
Tags: RBI, India, Bank, Regulation, Auto Debit Transaction, Recurring payments
Courtesy: Business Standard
Photo: The Print
RBI Mandates Banks, Payment Platforms To Inform Customers For Auto Bills
The RBI has issued rolled new rule for banks and payment platforms to send notifications of auto and recurring payments of mobile, utility and OTT platform bills. Applicable from April 1, the rule provisions banks and pay-platforms to send a 24-hour pre-transaction notification to users and mandates banks to send OTP to customers for payments above ₹5,000. Including payment wallets, the rule asks for additional authentication by customers for… read-more
Tags: RBI, Digital Payment, OTT, Recurring payments, NPCI
Courtesy: NDTV
