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Podcast: In Focus by The Hindu
Episode: RBI’s new recurring payments norms and their implications | In Focus
Description: The Reserve Bank of India’s new norms and guidelines for recurring payments came into effect this month. One of them, for instance, lays down that banks should send a pre-debit notification to credit card holders 24 hours before an actual debit is done. There are other requirements as well with regard to the nature and duration of an e-mandate for recurring payments. What all this means is that, from October 1st, standing instructions with one’s payments provider may not work without some additional steps.This has already affected certain subscription services, including media and OTT subscriptions, and...