August 14, 2022
Featured Latest News

Credit and Debit Card Auto Debit Restrictions: Everything you need to know

Transactions will be hampered as restrictions will come into effect from tomorrow for the auto debit facility which automatically charges annual or monthly payments from debit / credit cards. This does not affect normal non-auto debit payments.

Various payments such as phone, DTH bills and OTT platform subscription can now be completed every month with the cardholder’s permission. However, auto debit payments will be suspended from tomorrow as many banks have not implemented the technology prescribed by the Reserve Bank.

Users will have to go to the respective sites and complete the payments. SBI has already issued a notification in this regard. Most auto-debit services will be disrupted as companies that require payments in addition to banks will have to make changes. Banks claim that they are not responsible for losses incurred due to auto-debit issues.

Pic Courtesy: google/ images are subject to copyright


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *