How India's payments rules invited chaos18 min read . Updated: 02 Nov 2021, 01:12 AM IST
- Two back-to-back rules issued by the Reserve Bank of India have left businesses, banks and fintechs in a fix
- The payments ecosystem was’t prepared for the 1 Oct deadline for the new recurring rule. Over 70% of all standing instructions failed on 1 Oct and they continue to fail, hurting businesses
NEW DELHI : On 6 October, Tanmoy Goswami who runs a website on mental health, Sanity by Tanmoy, posted a screenshot of his subscription dashboard on the social media platform Twitter. It showed a series of payment failures, worth ₹500 each, from subscribers of the site.
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