RBI's new auto-debit rules kick in from today. 5 things you should know
For recurring payments above ₹5,000, banks are required to send a one-time password to customers as per the new guidelines.
To bolster the safety and security of card transactions, the Reserve Bank of India (RBI) mandated new auto-debit rules kick in from Friday. RBI's directive states that there will be no automatic recurring payment for various services including utility bills, recharge of phone, DTH, and OTT, among others as the additional factor of authentication (AFA) will become mandatory from today.