In October 2021 new rules coming for recurring payment through credit card and debit card payment.
Those who are using the auto-debit feature on their debit and credit cards for regular purchases may see some payments fail as of October 1, 2021. For security reasons, RBI taking some measure steps through card payment. Many banks already sharing this information with their customers
RBI New Guideline on Recurring Payment
The Reserve Bank of India (RBI) published guidelines for processing e-mandates for regular online payments.
By September 30, 2021, all recurring transactions under Rs. 5,000 on debit cards, credit cards, UPI, and other Prepaid Payment Instruments (PPIs) must be fully compliant with the guidelines.
This rule will apply for electric bills payment, mobile recharge and other payment which is deducted automatically through Credit Card or Debit Card.
Also Read: RBL MoneyTap Credit Card
What is New Guideline Coming
Banks will inform the customers 24 hours before a mandate is deducted, giving them the time to change or cancel their payment.
Banks will send the information through SMS & email. You will receive the SMS through a registered mobile number with the respective bank.
Users can disapprove or approve the transaction before 24 hours of the transaction.
You should check or register your mobile number before October 1. Still, you are not registered your mobile number with your banks then complete this process immediately.
Also Read: LIC rupay Credit Card
How to Add Mobile Number with Bank Account
- You may go to the bank’s website and log in to add an online mobile number to your account. You then go to my profile and update my phone number. This will be easy to execute.
- You may also use an Atm card to add your mobile number to your bank account.
- Add mobile number through Mobile banking.
- You can go to your nearest branch and add or change your mobile number with your KYC documents like Aadhaar Card & Pan Card.