 "RBI")
In a huge relief for banks, Reserve Bank of India on Wednesday extended the timeline for processing recurring online transactions by 6 months to September 30, 2021.
Come April there were supposed to be no automatic recurring payment for various services, including recharge and utility bill, as RBI has made Additional Factor of Authentication (AFA) mandatory after March
However, banks and payment gateways had sought additional time to comply with the RBI directive on automatic recurring payment.
On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border)
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