India
From pension rules to the new automatic debit guidelines and some banks stop using checkbooks, a series of changes will take effect starting Friday. Most changes will have a direct impact on people’s daily lives. As the deadline for the Reserve Bank of India (RBI) to extend the implementation of the standards is coming to an end, the new automatic debit rules will take effect today.
Since additional authentication factors have now become mandatory requirements, there will be no automatic repeated payments for services such as recharges, utility bills, etc.
In order to ensure the safety and security of card transactions, the Central Bank instructed all banks that use cards or prepaid payment instruments (PPI) or unified payment interfaces (UPI) to process recurring transactions (domestic or cross-border) in December last year. AFA compliance will not continue after March 31, 2021. This rule applies to all types of recurring payments, such as ott, dth, etc.
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