InvestorQ : Is the new debit card and credit card rules going live from 01 October or is it likely to get postponed?
Lavanya Subramanian made post

Is the new debit card and credit card rules going live from 01 October or is it likely to get postponed?

Answer
image
Anamika Sodhani answered.
3 months ago
Follow

You must be aware that the new RBI auto debit rules on debit cards, credit cards, UPI and pre-paid instruments like wallets will kick in from 01-Oct. A of now, there is no intimation or even indication that the rules will be postponed. It was already postponed in March by 6 months and most banks have already written to their customers asking them to update the mandates. Hence further postponements looks unlikely for now.

Under the new rules from 01st October, all periodic debit mandates above the value of Rs.5,000 have to be verified via additional factor authentication or AFA. This verification will be done by sending an OTP via SMS or email to the registered id. Existing recurring payment mandates, unless authenticated with one-time AFA, will be invalid from 01-Oct. However, this move will not impact bank debits via ECS for loan EMIs and mutual fund SIPs.

12 Views