A major change is going to be made in the auto debit payment system from next month. The new debit payment system will be implemented from October 1.
With the implementation of this new debit payment system, banks and digital platforms like PhonePe, Paytm will have to take permission from the account holders before deducting the installment or bill, they will be able to do so only after the permission of the customer. For this, various financial institutions will have to make such changes in their system that they will not be able to deduct the money of the account holders without permission.
You will be paying many types of bills using the application of your mobile, including mobile recharge, water bill, electricity bill and many such bills for which you choose auto debit mode. This means that the amount is deducted from your account on the due date. This process is called auto debit mode and now a new rule is going to be implemented in this facility.
OTP system on payment of more than 5 thousand
Under this facility, now the work of the bank has increased more than before. From now onwards, before deducting the payment, the bank will have to send a notification on the mobile of its customers 5 days before the payment due date. When the customer approves this notification, only then will the further process be done. OTP system will have to be implemented on payment of more than 5 thousand, only after which money will be deducted from the account of any account holder.
