New Delhi: In a reprieve for banks and millions of customers, auto debit facilities for payment of bills and subscriptions will stay in place for six more months. The Reserve Bank of India (RBI) has extended the deadline for a rule that would have caused disruptions from Apr. 1 (today).
Recurring transactions will continue till Sept. 30, after which the new RBI rule requiring additional authentication comes into force. The Central Bank said it had granted the extension to prevent any inconvenience to customers and to allow banks to migrate to the new system.
