RBI has mandated additional measures for verification after 31 March. If this additional verification measure is not complied with, then the related units will get effected after 31 March in payment of bills including electricity, other customer centric services, OTT May be required.
Services may affect: The central bank announced the move as part of risk mitigation measures, which aims to make the transactions strong and secure through cards. If this additional verification measure is not complied with, the payment of other customer-centric services, including electricity to OTT (over the top) to the concerned units, may be affected after 31 March.
Recently, the RBI raised the limit for payment through contactless card and automatic bill payment through card and UPI from Rs 2,000 to Rs 5,000 from January 1. The objective of this initiative is to make digital transactions easy and secure.
Under this new rule, banks will have to inform the lien about payment of bills on a regular basis and it can be paid only after approval from the customer. Therefore, the payment of bills will not be done automatically, but will be possible only after verification from the customer. Under the new guideline, banks will have to send ‘one-time password’ to customers under the new guideline for payment of more than Rs 5,000. A senior official of the e-commerce company said that the industry is ready to implement the RBI directive. Is not. He said that if the RBI did not give time for compliance with the rules, then from April 1, banks will not be able to comply with the e-approval given by the customer regarding the transaction. This will regularly interrupt the payment of bills and other transactions. This will break the trust of customers about digital payments.
(Disclaimer: This news has been published directly from the Syndicate feed. It has not been edited by the News18Hindi team.)