After the implementation of this rule, the method of making your Debit or Credit Card bill payment will be affected. To take advantage of this facility, your active mobile number must be updated in the bank.
Many people turn on the auto debit feature in mobile payment apps and internet banking to get rid of the hassle of paying bills every month. Due to this, money was automatically deducted from the account on a certain date, but sometimes people also get upset due to this facility of the bank. In such a situation, there is going to be a big change in this rule from October 1, after which digital payment platforms like bank, paytm, phone pay will have to take permission every time before deducting the installment or bill money (EMI Installment).
This big change is going to happen in the auto debit payment system from next month i.e. from 1st October. Under the new auto debit payment system, Digiatl payment platforms like bank, paytm, phone pay have to make such changes in their system that once the permission is given, the money is not deducted automatically every time. In this regard, the Reserve Bank of India (RBI) had earlier said that additional factor authentication (AFA) is required for recurring transactions using debit cards, credit cards, Unified Payments Interface (UPI) or other prepaid payment instruments (PPIs). Will be
After the implementation of this rule, your Debit or Credit Card bill payment method will be affected. To take advantage of this facility, your active mobile number must be updated in the bank. This is because the notification related to auto debit will be sent through SMS on your mobile number itself,
Started alerting customers
Banks have started informing their customers about this new rule. Havoc in a communication sent by Axis Bank that as per RBI’s Recurring Payment Guidelines wef 20-09-21, standing instructions on your Axis Bank card(s) for recurring transactions will not be respected. You can pay the merchant directly using your card for uninterrupted service.
What is Auto Debit System?
Auto Debit means that if you have put electricity, gas, LIC or any other expenses in the Auto Debit mode in Mobile App or Internet Banking, then the money will be automatically deducted from the account on a certain date. A large number of credit and debit card users have set up auto-payment instructions for a range of services, from electricity and gas to music and movie subscriptions.
