3 ms·
This is not a ban, and has been in the works for a long time with at least one six-month extension granted that I know of.[1] What the RBI has done is introduce
by sinyug 5y ago
This is not a ban, and has been in the works for a long time with at least one six-month extension granted that I know of.[1] What the RBI has done is introduce AFA (additional factor authentication) for recurring transactions.[2]
But this is India and we like to do things one day before any deadline expires. That explains the panic.
[1] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12051&Mode=0 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1205...
[2] https://support.stripe.com/questions/important-updates-to-rbi-regulations-on-recurring-card-payments-in-india https://support.stripe.com/questions/important-updates-to-rb...
- athenot 5y ago> But this is India and we like to do things one day before any deadline expires. That explains the panic. This made me laugh. But rest assured, things aren't any better in the US when some regulation comes with plenty notice. (Thinking most recently about the Cures Act where healthcare info must be accessible to patient without putting up blocks; many healthcare providers only started thinking about it at the last minute)
- Bang2Bay 5y agoNeeded initiative, given that a large part of the population is not tech savvy.