New recurring payment norms from Oct 1: Banks, card issuers in a tizzy

Customers are being notified about changes, and alternative methods of payments

Sensing the Reserve Bank of India’s (RBI’s) firm resolve to stick to its norms on recurring payments, banks, payment aggregators, and merchants are scrambling to meet the October 1 deadline.

Racing against time, these entities have now started notifying their customers about the changes, with alternative ways of payments. In some cases, recurring payment plans have been suspended on a “temporary” basis. Merchants, too, have sounded off their customers, indirectly blaming banks for the inconvenience.

Tech giant Google has sent emails to subscribers of its products such as YouTube Premium, saying, “If your card issuer is not compliant with the RBI regulations