As per RBI rules, the banks will inform their customers in advance regarding the due recurring payment.
The rules will be applicable on third party customer transactions.
The customers and banks must coordinate to avoid any inconvenience in future.
W.E.F. October 1, new RBI rules regarding automatic recurring payments will come into effect as per which auto-payments of DTH, OTT, utility bills and recharge of phones will stop. RBI has made an Additional Factor of Authentication (AFA) mandatory after 30th September.
Customers and banks must coordinate to avoid any inconvenience in future. The RBI rule will be applicable on 3rd party customer transactions. If there is no approval from customer, any auto debit payment from debit card, credit card, UPI, PPI and wallets will not be allowed.
These are the rules that any customer must know about auto-debit as per new RBI norms come October 1:
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