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RBI extends timeline for processing of recurring online transactions
Reserve Bank of India
The Reserve Bank of India (RBI) today extended the timeline for the processing of recurring online transactions
The Reserve Bank of India (RBI) today extended the timeline for the processing of recurring online transactions. Today in a release RBI said that the requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure.
In the interest of customer convenience and safety in the use of recurring online payments, the framework mandated use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of Rs 2,000, since enhanced to Rs 5,000), as well as pre-transaction notification, facility to withdraw the mandate, etc.
Earlier in August 2019, RBI had issued a framework for processing of e-mandates on recurring online transactions, which was initially applicable to cards and wallets. The framework was extended in January 2020 to cover Unified Payments Interference (UPI) transactions as well.
The primary objective of the framework was to protect customers from fraudulent transactions and enhance customer convenience. RBI said that based on a request from the Indian Banks' Association (IBA) for an extension of time till March 31, 2021, to enable the banks to complete the migration, Reserve Bank had advised the stakeholders in December 2020 to migrate to the framework by March 31, 2021. Thus, adequate time was given to the stakeholders to comply with the framework.
It is, however, noted that the framework has not been fully implemented even after the extended timeline.
RBI added, "This non-compliance is noted with serious concern and will be dealt with separately. The delay in implementation by some stakeholders has given rise to a situation of possible large-scale customer inconvenience and default. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till September 30, 2021. Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action."
Besides, RBI has also issued a circular advising the above.
