Dear Team,
Request to please share the other payment options for the invoice since auto debits are restricted in India. It means, earlier monthly recurring payments are restricted now.
Note :- As explained below, the Recurring monthly/quarterly/annual payment link including Auto Debits/ charges is not accepted by our Banker … due to New banking rules in India.
In India, the RBI is the Central bank to monitors all banks in India. According to the RBI rule, banks will now facilitate ‘additional factor authentication’ on auto-debit payments to customers/cardholders to safeguard their payments wef 01-October-2021.
If We have taken a subscription to an over-the-top (OTT) platform or any other website, the automatic payment that takes place every month will no longer happen automatically. Our bank will have to take approval from us before making the payment. We will receive a notification in this regard 24 hours before the payment and money from our account will not be deducted unless we approve it.
Banks are working on these changes in their systems (but not completed yet. Very soon, Banks will provide this ) under the new rule on the Auto Debit system are said to be responsible for this problem being faced by Users of cardholders. Hope that Bank will provide update its system soon and provide a solution for auto-debit
Thanks in Advance