Sushubh

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Navjot Singh

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The standing instruction feature would have enabled consumers to instruct banks to debit their accounts regularly for repeat transactions, much like the auto-debit facility for loan repayments or mutual fund investments. NPCI was trying to introduce the feature to save users the hassle of manually authorising such payments repeatedly.

“I think the central bank could have felt that such a feature would be contrary to the two-factor authentication that the RBI has mandated for digital payments within India, hence no approval", the other banker said.
Wow.
 


Sushubh

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even though auto-debit seems to work with credit cards now. and rbi itself has allowed nfc based cc payments under 2K without pincode lol.