Automatic payment rule: RBI extends deadline, warns banks of strict action

The Reserve Bank of India has extended the deadline for the processing of the automatic/recurring transactions to September 30, 2021. Here is all you need to know:

The Reserve Bank of India (RBI) announced on Wednesday that it has extended the deadline for processing recurring or automatic payments using debit cards, credit cards and other payment wallets. The April 1 deadline has now been extended by a month to September 30, 2021 to prevent any inconvenience to customers. “To prevent any inconvenience to the customers, RBI has decided to extend the timeline for the stakeholders to migrate to the framework till September 30, 2021,” RBI said in a press release issued today.