The Reserve Bank of India (RBI) on Wednesday extended the deadline until September 30 for all stakeholders for processing of the recurring online transactions.
In a statement, its Chief General Manager Yogesh Dayal regretted that a framework issued in August 2019 for processing of e-mandated recurring online transactions has not been implemented even after the timeline extended in January.
While fixing the new timeline of September 30 to avoid the large-scale customer inconvenience, he said: "The non-compliance is noted with serious concern and will be dealt with separately." Along with the extended timeline by six months for the stakeholders to migrate to the framework, he warned: "Any further delay in ensuring complete adherence to the framework beyond the extended timeline will attract stringent supervisory action.
A circular advising this is being issued by the RBI today." It was on the request from the Indian Banks' Association (IBA), representing banks in India, implementation of the framework timeline was earlier extended till March 31 from December 31 to enable the banks to complete the migration, but still many have not completed it.
The framework mandates the banks as also the agencies providing the service of payments of the recurring expenditures like electricity, water, and phone bills envisages additional factor of authentication (AFA) on the digital payments in India safe and secure in the interest of the customer convenience and safety. It mandates the use of AFA during registration and the first transaction up to Rs 2,000 which has been since enhanced to Rs 5,000.
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