Bank Alert: No Auto-Debit Transactions Without Customer’s Permission From October 1

After the announcement of the Reserve Bank of India (RBI), now all the digital payment platforms and banks seek permission from the customer before paying bills through credit cards, debit cards, and UPI. No auto-debit transactions without customer’s permission feature will come into effect from October 1. Banks as well as digital platforms have made all the arrangements to implement the new action from the said date.

Source: Visa

Without customer’s permission, the banks and digital platforms would not be able to deduct the amount from their bank account. Earlier, the RBI issued guidelines stating that the bank or digital platform will have to inform the customers by sending a message on the mobile phone five days before the date of payment.

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Customers To Be Informed 24 Hours Before The Payment

Customers need to be informed before 24 hours from the date of payment. Moreover, the message sent to the customers should include the complete information. The key purpose of implementing this process is to protect customers from possible fraud.

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Singh Vivek

With over 5 years of writing obituaries for a different organisation, I have a uniquely wry voice that shines through in my newest collection of articles.

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