What are the new auto-debit rules put out by the RBI and from when it is effective?
Answer
Answer
Effective October 2021, all standing instructions on your credit or debit card will need additional factor authentication. Customers can also set monetary limits and even cancel or modify their mandates online. This will apply to insurance payments, electricity, telephone payments etc. However, these restrictions will not apply to mutual fund SIPs and various EMI mandates for loans. AFA is mandatory for auto debit above Rs.5,000.