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Updated Oct 01, 2021 | 17:57 IST
The auto-debit rules will impact customers
The auto-debit rules will impact customers who make card auto-transactions for paying utility bills, recharging phone, DTH and OTT subscriptions.  |  Photo Credit: iStock Images

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  • The rules will impact customers who make auto-transactions for paying utility bills, recharging phone, DTH and OTT subscriptions.
  • For recurring payments above Rs 5000, banks are required to send a one-time password (OTP) to customers.
  • New rules will not affect EMIs and SIPs payments, and e-NACH and UPI autopay transactions.

fotball live,Are you one of those who have set the auto-debit for your phone recharge or that OTT subscription, and then forgotten all about it as the money automatically gets deducted from your account month on month? Not any more, says the RBI. The Reserve Bank of India has announced a slew of changes that come into effect from today (Friday, October 1).

10cc app,The additional factor of authentication (AFA) has now become mandatory and there will be no automatic recurring payments for services like phone recharge, utility bills, DTH and OTT subscriptions, among others. It is not as if the debit will not take place. As per the new rules, banks and credit card service providers have to send a notification to customers five days before the payment is slated to be deducted. The debit will be allowed only after the customer approves the payment. 

For instance, if you have a subscription to a service provided by Google like YouTube Premium, you would receive a mail from Google saying that recurring monthly payments will not work if the card issuer is not compliant with RBI’s regulations. So ensure that your service provider is compliant. If not, you will have to make the transactions manually.,10cric com

For recurring payments above Rs 5,000, the new rule also requires banks to send a one-time password (OTP) to the customers. And for all subsequent transactions within this threshold, the bank will have to send a pre-debit notification 24 hours before each payment. The credit card service providers have to send this notification five days before the payment is slated to be deducted. The debit will be allowed only after the customer approves the payment. ,bet pawa ug

This notification will carry the merchant's name, amount, due date, reference number and a link to a page that will allow you to view, modify or cancel the payment or the mandate. You can now choose to opt-out of the transaction or mandate through the link. And if you choose to ignore the notification, the transaction will be carried out.,espn nba

However, any standing instructions registered using bank accounts for mutual funds, SIPs, equated monthly instalments (EMIs) for loans will not be affected by the new rules.,888 app store

Banks, payment aggregators and merchants are scrambling to comply with the new rules and have already started notifying customers about the rule change to the registered phone number and email ID. So in case you have still not updated the details, now is the time to do it.,888 casino download

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