New auto debit rules of RBI to set to kick in

There will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication will become mandatory with the Reserve Bank of India’s extended deadline coming to an end.

However, those who are not ready forced the RBI to extend the deadline on recurring payment such as utility bills, recharge of phone, DTH and OTT, among others, till September 30.

 Banks will be required to inform their customers in advance about recurring payment due and transaction would be carried for following nod from the customer. Banks are required to send an OTP to customers as per the new guidelines.

RBI had said the requirement of AFA has made digital payments in India safe and secure and the primary objective of the framework was to protect customers from fraudulent transactions and enhance customer convenience.

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