Multiple regulations for auto payments have been issued by the Reserve bank of India, and they will take effect on october 1. You'll require an additional factor authentication (AFA)  for recurring transactions using debit cards,  credit cards,  the Unified Payments Interface  (UPI),  or other prepaid payment instruments if you utilise auto-payments methods to pay bills and reload.

According to the RBI, from october 1,  no standing instructions on credit or debit cards will be executed unless they are accompanied by an extra element of verification. The AFA will also be required for mandate registration,  modification,  and deletion,  according to the bank.

Customers will get a pre-debit (SMS/email) warning 24 hours before the auto pay debit. They can also use the URL on the pre-debit card to opt-out of the transaction/mandate. They can also change,  cancel,  or see any standing instructions,  up to the maximum limit specified on the card.
The pre-debit link will include a link for AFA for transactions exceeding the limit amount specified.  For recurrent transactions of more than Rs  5,000,  AFA would be required each time.
There will be no modifications if the user's bank account has been set up with standing payment instructions. However, beginning october 1, if these purchases are made using a customer's debit or credit card,  they will be denied.

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RBI

Kailas Ashwin Sathish

21/09/2021 01:15 PM