Saturday, July 2, 2022

Work news for millions of customers! RBI changed the rules of the debit-credit card, will be applicable to all from October 1

RBI Auto Debit Payments New Rule: There is big news for crores of consumers whose electricity, mobile bill, or other utility bill is auto-debited. Actually, from October 1, the auto-debit rule is going to change. Let us now know about the new rule. 

Auto Debit Payments: There is news of work for crores of consumers whose electricity, mobile bill, or other utility bill is auto-debited. Because the Reserve Bank has issued new guidelines for Additional Factor Authentication (AFA), according to which the auto-debit payment system will change from October 1. 

Auto debit payments may get stuck from October 1!

RBI has been instructed to implement Additional Factor Authentication (AFA) with the aim of making digital payments more secure in the country. Keeping in mind the interests and convenience of customers in recurring online payments, it was directed to prepare a framework using AFA to protect them from frauds. But in view of the appeal of IBA, the deadline for its implementation was extended from March 31, 2021, to September 30, so that banks can make full preparations to implement this framework.

Deadline extended for the second time

However, earlier the Reserve Bank had asked banks in December 2020 to prepare to implement the framework by March 31, 2021. The Reserve Bank says that this framework has not been implemented even after being given repeated opportunities, it is a matter of great concern, it will be discussed separately. The RBI has again extended the deadline till 30 September 2021 for the banks to shift to the framework so that the customer does not face any problem due to the delay in the preparations of the banks. But if there is a mistake after this, then strict action will be taken. 

Read More: This edition of iPhone 13 Pro is so expensive, people were blown away after hearing the price, Know The Details

It is worth noting that if these RBI guidelines were implemented from April 1, then crores of customers of the country would have been in trouble. Because customers whose debit card or credit card have auto-debit payments, they would get stuck, OTT subscription would have failed.

RBI guidelines, banks did not follow

The Internet and Mobile Association of India (IAMAI) had warned that lakhs of customers who have given online approvals (e-mandates) may fail after September 30. This is because many banks have not taken steps to activate registration, tracking, modification, and withdrawal as per RBI guidelines for e-mandates.

Here are the new guidelines of RBI

According to the new rules of RBI, banks will have to send a notification 5 days before the date of payment, the payment will be approved only when the customer gives its approval. Banks will also have to send One Time Password (OTP) to the customer if the recurring payment is more than Rs 5000. RBI has taken this step keeping in view the safety of the customers. 

Earlier, the Reserve Bank had asked all banks, payment gateways, and other service providers not to store card details permanently, making recurring payments more difficult. However, RBI has taken this step after the incidents of data leak in Juspay and Neo banking startup Chqbook. 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

With this clever trick, your electricity bill will be zero! Air conditioning, coolers and everything else is free for years.

Zero electricity bills: Today, I'll show you some tricks that will keep your electricity bills "zero" for years, even after using all the electronics...

Even if you run the air conditioner all day, your electricity bill will not rise! Take note of these helpful hints.

This summer, you can run your air conditioner comfortably day and night because we are going to tell you about some great tips that...

This low cost tented AC will keep you cool in summers; Bill will be equal to just 3 bulbs

We are going to tell you about such an AC, which only keeps the bed area cool. Not only this, this AC will reduce...

Digital Payment: Now money transfers will happen without the internet! Offline digital payment approved, know-how

Offline Digital Payments: In order to promote digital transactions in villages and towns, RBI issued a framework for offline digital payments. There are many villages...

Paytm Offer: Win up to Rs 1 lakh with Paytm! Paytm is offering a lot of rewards throughout the holiday season

Paytm is offering a chance to win a million rupees. Paytm is concentrating its efforts in Gujarat, Maharashtra, Andhra Pradesh, Telangana, and Karnataka as...

Most Popular

Subscribe

* indicates required