RBI extends timeline for auto debit

Published On: Wednesday, March 31, 2021 | By: Team KnowMyStock

The Reserve Bank of India (RBI) on Wednesday extended the deadline for e-mandate for recurring payments of online transactions by six months till September 30, 2021, The deadline was set to expire on March 31. The central bank decided to extend the deadline as the framework is not fully implemented by banks and to prevent any inconvenience to the customers because of lack of preparedness by the system, the RBI said. This comes after banks started informing customers about cancelling the service of e-mandates for auto-debit of funds from cards. Leading private banks have started sending messages to their customers that they will have to transact on their own for services they want to avail, instead of banks deducting the fee automatically on their behalf as banks, as well as other stakeholders, had not readied their systems to comply with the new framework.

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