In line with RBI’s new guidelines, customers will not be able to avail auto-debit facilities against subscription renewals and bill payments, starting April 1. For the impacted services, the customers will now have to initiate the transaction manually.
Banks are already informing customers about the cancellation of e-mandates for auto-debit of funds from credit, debit cards.
The auto-renewal payments that will be cancelled from April 1 include bills for DTH, mobile phone, broadband, water, electricity and other utilities. Moreover, automatic subscription renewals for Netflix, Amazon Prime and other OTT platforms are also likely to be cancelled.
Meanwhile, Standing Instructions (SI) registered using bank accounts for house rent will continue. Similarly, the auto-debit feature will remain in place for mutual funds and SIP payments, said the media reports.