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RBI Extends Last Date for Auto Debit System

RBI

The Reserve Bank of India (RBI) has extended the last date for auto debit system to be levied for subscription to mobile bills, other utility bills and OTT platforms to 30 September 2021. Its last date was 31 March 2021. That is, from April 1, 2021, this system was to be changed. Banks and all platforms providing payment facilities were demanding that they be given some time to implement the new system. The central bank has extended this date so that customers do not face any kind of trouble.

The central bank had till March 31 to implement the new guidelines for Additional Factor Authentication (AFA). The implementation of the new rules will affect crores of subscribers. However, UPI’s AutoPay system will not affect such auto-debit payments. Under these rules, since September, banks will have to send a notification to the customer five days before the date of auto-debit payment. Payment will be made only when the customer approves.

Apart from this, if the payment amount is more than Rs 5,000, the bank will also send the OTP to the customer. On the other hand, the Internet and Mobile Association of India says that most of the big banks have not prepared themselves for this, due to which the card networks connected to the banks will not be able to follow this circular.

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