The Reserve Bank of India has extended the timeline for the processing of recurring online transactions up until the 30th of September 2021. Automatic payments are extended after card use to appeal to the Reserve Bank of India. So the important instructions there a new guideline that would impact pretty much everyone making online payments has now been extended.
This will cause a fair amount of inconvenience like many people do not use net banking services and they rely on this particular mode of payment essentially and that’s why the RBI is giving them some time now.
The reason why RBI has now extended this timeline is that a lot of people had appealed to the RBI or the Association of banks also had told the RBI, it will take some time for them to make sure everyone migrates to the new system, which is why the new deadline which is 30th September has been given.
Now, a lot of people since last night had started getting their messages from their respective banks, asking them to make the migration but now, there is a breather given from the Reserve Bank of India which means, you and I as consumers, we now have till 30th September to migrate to the new system.
The reason why this has been done by RBI because we have seen over the past few months and increase in online fraud. So, RBI is now making sure online fraud reduces as much as possible because of which we have time you and I people who are using the cards we have time till 30th September to make the migration.
