Work news for millions of customers! RBI changed the rules of debit-credit card, will be applicable to all from October 1

Work news for millions of customers!

New Delhi: Auto Debit Payments: There is news of work for crores of consumers whose payment of electricity, mobile bill or other utility bill is auto debited. Because 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.

 

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 to protect 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.

Auto debit payments may get stuck from October 1!

However, earlier the Reserve Bank had asked banks in December 2020 to prepare to implement the framework by March 31, 2021. The Reserve Bank says that this framework has not been implemented even after being given repeated opportunities, it is a matter of great concern, it will be discussed separately. The RBI has again extended the deadline till 30 September 2021 for the banks to shift to the framework so that the customer does not face any problem due to the delay in the preparations of the banks. But if there is a mistake after this, then strict action will be taken.

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