How new auto-debit rules that require customer consent will impact you

All kinds of recurring or auto-debit payments now require the customer's consent before they are cleared, mandate RBI's new rules. What does this mean and how will it impact you?

The Reserve Bank of India (RBI) has mandated that from October 1, all kinds of recurring or auto-debit payments will require the customer’s consent before they are cleared. What does this mean, and how will it work? Let’s find out.   

What is the change that the RBI has proposed? 

Starting October 1, customers who want a standing instruction in place for recurring payments will have to register for e-mandate at the merchant’s site for the first transaction, with a validity period and maximum amount. 

Also, mandate registration, modification, and deletion will all require additional factor authentication (AFA). 

For subsequent