If you use OTT platforms or DTH, then this news is of your use. If you do not follow the new rules of RBI, then your service like Netflix, Amazon Prime, Hotstar may be stopped from tomorrow.
New Delhi. If you use OTT platforms like Netflix, Amazon Prime, Disney + Hotstar or DTH service, then you need to know the new rules of RBI. If you ignore this, then your OTT platforms and DTH may be closed from tomorrow i.e. from 1st October. The Reserve Bank has issued new guidelines for Additional Factor Authentication (AFA), according to which the auto debit payment system will change from October 1.
Auto payment service will be closed from October 1
The new rules of RBI are being implemented across the country from 1 October 2021. Many people use credit card, debit card, UPI payment through OTT platforms like Netflix, Amazon Prime and auto payment service for DTH recharge. Due to the order of RBI from October 1, the auto payment service is being discontinued. An additional addition factor authentication process has been added for payment by the Reserve Bank of India.
Auto debit payments may get stuck from October 1!
RBI has been instructed to implement Additional Factor Authentication (AFA) with the aim of making digital payments more secure in the country. Keeping in mind the interests and convenience of customers in recurring online payments, it was directed to prepare a framework using AFA for the purpose of protecting them from frauds. But in view of the appeal of IBA, the deadline for its implementation was extended from March 31, 2021 to September 30, so that banks can make full preparations to implement this framework.
Here are the new guidelines of RBI
According to the new rules of RBI, banks will have to send a notification 5 days before the date of payment, the payment will be approved only when the customer gives its approval. Banks will also have to send a One Time Password (OTP) to the customer if the recurring payment is more than Rs 5000. RBI has taken this step keeping in view the safety of the customers.
Earlier, the Reserve Bank had asked all banks, payment gateways and other service providers not to store card details permanently, making recurring payments more difficult. However, RBI has taken this step after the incidents of data leak in Juspay and Neo banking startup Chequebook.
