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  

View all 15 comments Below 15 comments
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  
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  
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  
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  
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  
Post a Comment

Related Posts

    • Telcos and carteling may be

      After Airtel and Vodafone, RelianceJio has hiked prepaid tariff by 20%. From December 1, the price entry-level plan will be 21% more expensive. The tariff of 11 other plans and four data packages w...

      By Vikram Gupta
    • Income Tax new site

      The Income Tax Department has launched new site where you can not fill your income data for the year from April 2020 to March 2021. After login to Income Tax site you are asked to revalidate the pr...

      By Anonymous Circle member
    • Carteling by telcos - Voda increases rates

      Airtel & now voda are on a full blown looting spree. Within 2 months they went from Rs. 39 to 79 to 99. So many domestic workers and other low income families have already stopped recharging th...

      By RN Chopra
    • Sub standard pressure cookers selling online

      Central Consumer Protection Authority has issued notices to e-commerce entities offering for sale Pressure Cookers in violation of compulsory BIS Standards. Notices have been issued to Amazon, Shop...

      By Sobhita D
    • Airtel raising tarrifs

      At a time when their quality is just pathetic, they decide to raise tariffs. And i am sure because of cartelisation the others two will do so too. Govt will likely be mute spectator and consumer th...

      By RN Chopra
    • Why is Localcircles not escalating inflation issues

      Potato- 40 Tomato 80 Beans - 100 Is what we are paying in east Delhi at attached redi. Good quality in good store is 100 a kg for tomato. Please escalate this to ...

      By Neelam Bose
    • Careful if getting vaccinated at private hospitals

      Most hospitals have excess vaccine stocks near expiration date and a few even expired so they are selling them at discounts, forcing them on villages via CSR etc. If u or family/friend g...

      By Seema Shah
    • Ola uber drivers making mockery of their systems

      Appears that the cracks in the Ola Uber systems are coming out and poor consumers are being made to suffer. Example Delhi stations some Of them the drivers find demand through ola u...

      By Mala Sehgal
    • Illegal goods shouldnt be sold online

      This attached article about gaanja selling on amazon is very concerning. That too not one two shipment but in crores. Can LocalCircles please conduct discussions/Survey on how due dilige...

      By Ajay Mittal
    • Purchase of tv from Flipkart- brand TCL Iffalcon

      I have purchased TCL - Iffalcon TV from Flipkart in the month of October, within 20 days TV has gone bad, logged a ticket with TCL an Engineer visited and informed a part has bad and need to be rep...

      By Abdul Aziz Sayed
    • Automatic deductions from account without OTP

      RBI had changed the rules whereby automatic deductions from credit cards or debit cards, without OTP was banned. Earlier, some big players like Netflix used to force customers to save t...

      By Ashok Kumar Kuwar
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)