From October 1,some auto-debit transactions from cards may fail. Check details

Customers who use the auto-debit facility on their debit and credit cards for recurring payments may see some transactions fail from October 1. This is due to a rule mandated by the Reserve Bank of India (RBI).

Banks and other financial institutions will have to ask customers for additional factor authentication for auto-debit payments above Rs 5,000. As per the new rule, banks and financial institutions are required to send a notification to customers at least 24 hours before a recurring payment is deducted.

The transaction will be allowed only if the customer approves the request.