RBI new guidelines

RBI new guidelines

RBI new guidelines / RBI new rules for credit and debit card

RBI new guidelines
Two minute reads :

The new RBI guidelines will be applicable for transactions using all types of cards – Debit, credit, UPI and PPIs, including wallets.

RBI new guidelines :
  • Auto payments from debit and credit cards will not require additional authentication from April 1.
  • The limit for auto debit cards and wallets is set at ₹ 5,000 and for transactions above the cut off, an additional One Time Password ( OTP ) will be needed.
  • The bank has to send a notification to the customer before conducting any transactions.
  • It has to be sent by the bank at least 24 hours before the amount is debited from a customer’s card or wallet.
  • It has the worth mentioning that the customer had to choose the mode either SMS or Email for receiving the notification of transaction.
  • The new rules are likely to affect enterprises that often use auto payments for their recurring charges.
RBI new guidelines

About Reserve Bank of India ( RBI)

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra
  • Governor : Shaktikanta Das
RBI new guidelines
Reference : https://www.indiatoday.in/business/story/debit-card-credit-card-auto-payment-rule-to-change-from-april-1-all-you-need-to-know-1785466-2021-03-31

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