New recurring payment norms: 20 days later, people still face disruptions

Many banks, merchants not fully compliant yet despite extension of deadline

More than two weeks have passed since the Reserve Bank of India’s (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions they are facing.
 
This comes as most stakeholders in the ecosystem have not put in place systems in accordance with the new rules, resulting in many transactions not going through.
 
Industry sources said most banks are still not ready, especially the smaller ones. Some of the bigger ones have complied with the new regulations at the very last moment, thus not