Debit card, credit card auto-payment: RBI extends deadline for processing recurring transactions2 min read . Updated: 31 Mar 2021, 03:17 PM IST
- Now banks and financial institutions have time till 30 September to implement the new framework
- People usually use the auto-payment or recurring transactions for paying mobile, utility and other bills
In a relief to banks and wallets, Reserve Bank of India (RBI) on Wednesday extended the timeline for processing recurring online transactions by six months. Now banks and financial institutions have time till 30 September to implement the new framework. "To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till 30 September, 2021," RBI said.
Select your Category