New restrictions on auto-debit from October 1: The Reserve Bank of India (RBI) has said that it will take strict action against banks and card companies if they do not develop technology according to the new rules after the deadline.
As a result, customers will no longer be able to use the auto debit option from October 1, when they will have to pay their mobile bills, electricity bills, other utility bills such as water, OTD operating system charges such as Netflix and Amazon Prime. , and media subscription fees.
“If a service is about to end, customers must be notified five days in advance. It should be in the form of something like email or message. Banks are required to process the transaction only if the customer approves the notification. This permission is for transactions below Rs. 5,000 only. In case of a transaction of more than Rs.5000 / -, a One Time Password (OTP) will be sent to the customer receiving the service. The transaction must be completed only if he approves it. "
In 2019, the Reserve Bank issued a circular to all banks to regulate customer transaction methods. In it, it set a deadline of March 31, 2021 for all banks to implement `Additional Factor Authentication 'authorization for payments made by debit and credit cards.
However, some banks have not upgraded the technology in line with this additional approval by the Reserve Bank. Experts in the field said that the card companies could not do anything because the banks had not made this change. And so on. The RBI had extended the deadline to September 30.
At present, the RBI has said that it will take stern action against banks and card companies if they do not develop the technology in line with the new rules after the deadline.
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- Petrol price September 28: Petrol, Diesel price hiked today
- Lowest gold price in September; Might be the perfect time to shop!
As a result, customers will no longer be able to use the Auto Debit option from October 1, when they will have to pay their mobile bill, electricity bill, other utility bills such as water, OTD operating system charges such as Netflix and Amazon Prime, and media subscription fees.
Adopting technology as per the new rules
Speaking to Shriram, Founder and Technical Director, Bramford, he said, “Customers who renew their services on NetBanking every month, have no problem with these new rules. Similarly, banks have no problem other than adopting technology as per the new rules. However, companies that have received money through this autodetect at regular intervals may be affected by the new rules.
In general, OTD websites such as Netflix and Amazon Prime run on subscription methods. Websites like these offer uninterrupted service to customers through auto debit options. No longer do these options go away, every time customers have to come to their respective websites, enter the card details in full and avail the services offered by those websites. Customers will not feel the need to enter all the details and get services every month like this.
When customers need permission
No problem if the money is coming in automatically every month. But, currently when customers need permission. Customers who were dissatisfied with the service are more likely to say no. Those in the mindset of `I was wondering how to stop this service 'will not give permission. Thus the company will lose customers.
Check it
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- PFRDA Increased age for NPS Investment- Maximum age for participation in NPS is now 70 years
- Gold Monetization Scheme: Deposit your gold and earn money
If a customer leaves in an environment where income is steadily coming in, they will have to look for the reason why that customer left and fix it. If you know that he will not like you for sure, you should look for a new customer to replace him.
Auto Debit will be in the mindset that at least so much income per month is guaranteed. But, there will no longer be a problem in generating permanent income. Even if I think I will renew the OTD service after one month, that one month's income will go down for them. "
https://bit.ly/3A0PBt6
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| New restrictions on auto-debit from October 1; |
New restrictions on auto-debit
As a result, customers will no longer be able to use the auto debit option from October 1, when they will have to pay their mobile bills, electricity bills, other utility bills such as water, OTD operating system charges such as Netflix and Amazon Prime. , and media subscription fees.
RBI Auto-Debit New policy!
“If a service is about to end, customers must be notified five days in advance. It should be in the form of something like email or message. Banks are required to process the transaction only if the customer approves the notification. This permission is for transactions below Rs. 5,000 only. In case of a transaction of more than Rs.5000 / -, a One Time Password (OTP) will be sent to the customer receiving the service. The transaction must be completed only if he approves it. "
Deadline ends!
In 2019, the Reserve Bank issued a circular to all banks to regulate customer transaction methods. In it, it set a deadline of March 31, 2021 for all banks to implement `Additional Factor Authentication 'authorization for payments made by debit and credit cards.
However, some banks have not upgraded the technology in line with this additional approval by the Reserve Bank. Experts in the field said that the card companies could not do anything because the banks had not made this change. And so on. The RBI had extended the deadline to September 30.
Develop the technology with the new rules
New restrictions on auto-debit
At present, the RBI has said that it will take stern action against banks and card companies if they do not develop the technology in line with the new rules after the deadline.
See Also
- Top 5 international gold mining companies cut production amid pandemic
- Petrol price September 28: Petrol, Diesel price hiked today
- Lowest gold price in September; Might be the perfect time to shop!
As a result, customers will no longer be able to use the Auto Debit option from October 1, when they will have to pay their mobile bill, electricity bill, other utility bills such as water, OTD operating system charges such as Netflix and Amazon Prime, and media subscription fees.
Adopting technology as per the new rules
Speaking to Shriram, Founder and Technical Director, Bramford, he said, “Customers who renew their services on NetBanking every month, have no problem with these new rules. Similarly, banks have no problem other than adopting technology as per the new rules. However, companies that have received money through this autodetect at regular intervals may be affected by the new rules.
In general, OTD websites such as Netflix and Amazon Prime run on subscription methods. Websites like these offer uninterrupted service to customers through auto debit options. No longer do these options go away, every time customers have to come to their respective websites, enter the card details in full and avail the services offered by those websites. Customers will not feel the need to enter all the details and get services every month like this.
When customers need permission
No problem if the money is coming in automatically every month. But, currently when customers need permission. Customers who were dissatisfied with the service are more likely to say no. Those in the mindset of `I was wondering how to stop this service 'will not give permission. Thus the company will lose customers.
Check it
- TATA Group made 56 C-295 military cargo aircraft
- PFRDA Increased age for NPS Investment- Maximum age for participation in NPS is now 70 years
- Gold Monetization Scheme: Deposit your gold and earn money
If a customer leaves in an environment where income is steadily coming in, they will have to look for the reason why that customer left and fix it. If you know that he will not like you for sure, you should look for a new customer to replace him.
Auto Debit will be in the mindset that at least so much income per month is guaranteed. But, there will no longer be a problem in generating permanent income. Even if I think I will renew the OTD service after one month, that one month's income will go down for them. "
https://bit.ly/3A0PBt6
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