RBI extends timeline for digesting of recurring on the internet dealings to September 30
The Hold Bank of India (RBI) on Wednesday expanded the timeline for processing continual on the internet deals to September2021 and 30, from Mar 31, 2021.
To counteract any trouble to the consumers, RBI stated it has wanted to lengthen the timeline for the stakeholders to migrate on the structure by six months time, i.e., till Sept . 30, 2021.
"Any more wait in guaranteeing full adherence into the framework past the expanded timeline will bring in rigid supervisory steps," the key banking institution claimed.
In August 2019, the middle bank obtained given a framework for handling e-mandates on recurring on the web transactions. Originally applicable to wallets and cards, the structure was expanded in January 2020 to protect Single Repayments Interface (UPI) financial transactions ...