Auto Debit ban
Because of forums like LocalCircles, From October 1, the Reserve Bank of India’s new regulations for recurring payments on debit and credit cards have come into play. If you have been using your card to buy OTT subscriptions such as Netflix, pay utility bills, pay insurance premium, or buy anything through a recurring charge to your card, you need to pay attention now because your payments will likely fail.
While OTT subscriptions or utility bills can easily be paid for via alternatives, it could be more painful to miss an insurance payment which could lead to lapsed coverage. Automatic bill payments are an essential part of our financial lives because the payment systems handle the tracking and paying on our behalf. Without the standing instructions we create for these payments, it’d be hard for us to keep track of various due dates, and the result would be missed payments and penalties.
What was the logic behind demanding such a change and ban auto debit? more
While OTT subscriptions or utility bills can easily be paid for via alternatives, it could be more painful to miss an insurance payment which could lead to lapsed coverage. Automatic bill payments are an essential part of our financial lives because the payment systems handle the tracking and paying on our behalf. Without the standing instructions we create for these payments, it’d be hard for us to keep track of various due dates, and the result would be missed payments and penalties.
What was the logic behind demanding such a change and ban auto debit? more
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Good initiate by the RBI. Unfortunately, it is not implemented for the international transactions. Today, I have experienced it. Now I have drawn the attention of it, to ICICI credit card dpt and have to file the dispute! more
Oct 24
Satvik Singh's are based on facts of the past experience. Look at the cases in the Consumer Forums on non-payments of premium on time. RBI needs to re-consider its order and allow the previous convenience of payment through the credit or debit card only. Or, still better, if leave an option with the consumer. more
Oct 22
If Mr.Singh fails to keep track of his payment due dates then he is most likely to have insufficient fund (sometimes)for such payments. And if he never misses to have sufficient fund in his accounts then he is surely aware of a payment due date. I think such a step of RBI is aimed to have the consent of the payee at the time of payment. SM. more
Oct 04
I feel it is a good step. Even if you are a senior citizen like me, then concentrate on your account, keep a diary with all the payments you have to make and do so. By going to auto-payment, you are being LAZY! and of course careless as sometimes you will have to suffer for companies like Air Tel and Netflix. more
Oct 03
Small payments up to 5000 are exempt, this is an additional security feature which should be welcomed. We have reputed telcoms like Airtel diverting crores of subsidies of poor people to their accounts without any well informed/dubiously informed consent. more
Oct 02
