1, March, 2024
HomeEntertainmentRanbir Kapoor Raises Concerns Over Recurring Payment Hassles: Navigating the RBI's New Rules

Ranbir Kapoor Raises Concerns Over Recurring Payment Hassles: Navigating the RBI’s New Rules

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Bollywood luminary Ranbir Kapoor recently took to the X platform to voice his discontent with the complexities surrounding the “Recurring payment system.” Kapoor, using the Spotify music app as an example, highlighted the inconvenience his wife Alia Bhatt faces each month, re-entering details.

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In a thought-provoking video, the Yeh Jawaani Hai Deewani actor questioned the smoothness of the process, prompting his Animal co-star, Bobby Deol, to suggest opting for an ‘annual’ subscription to alleviate such inconveniences.

The video sparked a range of reactions from users, with some expressing dissatisfaction with the RBI’s recurring payment system, while others defended the transaction norms as valid.

One user shared a personal experience, stating, “I had to cease using apps that charge in USD because of this. The cards were getting rejected, and I was penalized for late payments. Even Apple removed the card option due to RBI changes.”

Amid the varied responses, a user in the comment section emphasized the need to tag the RBI, stating, “RBI will have to be tagged. Don’t think they are checking Twitter regularly.”

Addressing the confusion, another user questioned, “My card mandates worked fine forever, no monthly OTP required. Is this specific to business users or something?”

In 2021, the RBI implemented the New Recurring Payment Rules, necessitating subscription-based app users to provide consent and undergo a two-factor authentication process for every payment exceeding ₹5,000.

The RBI’s move aimed to enhance security, particularly for transactions using debit cards, credit cards, Unified Payments Interface (UPI), or other prepaid payment instruments (PPIs), demanding additional factor authentication (AFA).

This year, however, the RBI raised the limit for e-mandates/standing instructions on credit/debit cards and PPIs for recurring transactions to ₹15,000. For transactions surpassing this threshold, an additional one-time password (OTP) became mandatory.

The RBI clarified that customer consent is now imperative for every transaction, offering cardholders the option to “opt out of that particular transaction.”

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Ranbir Kapoor’s concerns shed light on the ongoing adjustments in India’s payment landscape, urging a closer examination of the RBI’s evolving regulations to strike a balance between security and user convenience.

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