RBI extends timelines on new rules for recurring transactions and card storage
Recurring payments deadline extended at IBA’s request Under the August 2019 policy, the RBI mandated banks and payment companies to introduce a pre-transaction notification before auto-debiting a customers’ account via their debit or credit cards, digital wallets or the Unified Payments Interface. It also mandated companies to issue a post-transaction notification for recurring transactions, an option to withdraw the e-mandate and set up a dispute or grievance redressal mechanism for the same. This policy was to be in force from March 31, 2021 onwards, but has been extended to September 3...