Automatic payment of electricity, water and phone bills, loan instalments, insurance premia and many other payments like Google, Zee-5, Netflix and other OTT platforms from your bank’s debit or credit cards may stop from April 1 because of the tweaking of the Reserve Bank of India’s Electronic Clearing Service (ECS).
A circular issued by the RBI on August 21, 2019, prescribes additional authentication norms effective from April 1 for customers’ recurring payments that are directly debited to their bank accounts.
The ECS facility had ended the hassles of standing in queue for making payments in cash or by cheque; one also was no longer required to remember the last date of payment of so many services one avails of.
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