Business

Reserve Bank changed its rules, transactions can be done without OTP

Central Bank increased the limit of automatic payment for auto debit i.e. recurring payment from Rs 5000 to Rs 15000

The Reserve Bank has made some changes in its rules. Describing the decision taken in his Monetary Policy Committee meeting, Governor Shaktikanta Das said that the Central Bank has increased the limit of automatic payment for auto debit i.e. recurring payment from Rs 5000 to Rs 15000. Is.

Let us tell you that on October 1, 2021, RBI has changed the recurring rule of 5000 to 15 thousand by changing the OTP authentication required for recurring payments with the help of credit cards, debit cards and UPI. First it requires one time authentication and after that it works in auto mode on a monthly basis. Now OTP will not be required every time for recurring transactions up to Rs 15,000. OTP will be required for transactions above that.

With the help of recurring payment, you can do things like monthly subscription, internet recharge, deposit insurance premium, pay education fee. By increasing its limit to 15 thousand, customers will get convenience. According to the information given by the Reserve Bank, so far 6.25 crore mandates have been registered, including 3400 international merchants. The Reserve Bank had implemented auto debit rules for the first time on October 1, 2021. At present, it is necessary to send a message about auto debit to the customer at least 24 hours before the payment day. If you want to set up BHIM Auto Pay system on your mobile, then you can follow the instructions given by National Payment Corporation of India.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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