From increased premium payments to getting seven midnight calls, users vent on social media against RBI’s new auto-debit rules
- Reserve Bank of India’s new rules for
recurring paymentshave gone live today.
- Under the new guidelines, in some cases, users will have to register and authenticate their payment mandates or standing instructions once again.
- This has caused an uproar on social media, with users complaining about receiving notifications from several services to re-authenticate their mandates.
- In some instances, users have also complained about their insurance premiums going with specific banks after the rule change.
While banks and various platforms have been informing users about the new guidelines for auto-debit transactions, users have finally started noticing the effects of the change.
Here are some of the reactions from social media about the new guidelines for recurring payments or auto-debit transactions:
Oh RBI, what did you do? I have got so many recurring payments going, got to fix all of them now.— Chaitanya Gupta (@chaitanya_gupta) 1633064118000
A user complains that he will have to re-authenticate all the recurring payments.
7 calls between 12:20 am and 04:29 am this morning from my credit card co asking me to authorise a legitimate $12.9… https://t.co/namu9rJyyp— Govindraj Ethiraj (@govindethiraj) 1633059196000
@RBI @TheOfficialSBI @ICICIBank As per RBI guidelines from 01/10/21 recurring payments on debit/credit card will be… https://t.co/vozVuRd3BF— Sanjay Malpani (@sanemalpani) 1633053718000
As per another user, SBI is charging more than ICICI Bank for creating a mandate for payment of insurance premium.
A lot pain on recurring payments(especially SaaS) starting today #rbi #emandates . Don't fix if it ain't broke— Srikanth Samudrala (@samsrik) 1633056404000
@thebhokalibong How does one explain this to cos not based in india “hi my country doesn’t allow recurring payments… https://t.co/CKbXLnyGdO— L P (@february_31st) 1633060477000
Here, a user is seen complaining how it will be difficult to explain about the new auto-debit guidelines to international companies.
Every Indian Marketer today#facebookadsmanager #facebookads https://t.co/Xf5eYT64kO— Dev Tantia (@DevTantia) 1633042705000
thanks, @RBI for ruining my weekend, dealing with endless notifications from every service I am subscribed to.— Harish (@harishkgarg) 1633065305000
Endless notifications and re-authentication is another problem that has been highlighted by users.
I think there is not enough talk of how much inconvenience @RBI’s regulation of not honoring auto debit mandates is… https://t.co/M7F7zXs9xr— Biswajit Borkataky (@existinchaos_) 1633066033000
@AxisBankSupport this is the most pathetic bank I ever had to deal with. SINCE WHEN THE BANK CHARGES FOR AUTO- DEBI… https://t.co/TGTpxKu5PD— Priyanjali R (@PriyanjaliRo) 1633065975000
A user has alleged that Axis Bank is levying charges to implement auto-debit monthly installment (EMI) payments.
What is e-mandate or UPI autopay and how to enable it for Jio, Hotstar and others
If you’re paying electricity, water, LPG bills via auto-debit, RBI’s new norms affect you
From Netflix and Hotstar to Airtel to Jio bills, brace for surprises as RBI’s guidelines on auto-debit transactions kick in from October 1
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