Are you getting tensed on watching the above title? Currently all subscriptions are automatically debiting from the customers bank a/c without intimating the due amount. But it would not be possible from now-onwards!
This feature is brought by RBI to safeguard customers money from online frauds. The customer has to register with the bank for “Additional Factor of Authentication”(AFA).
This Additional Factor of Authentication would come into effect from October 1st,2021 but it would primarily effect on automatic subscriptions of Netflix, Amazon and Hot Star as of now. Remaining subscriptions would be effected after the test-drive of the above OTT Platforms.
That means sooner all the automatic subscriptions would be null and void and the customer has to register for Additional Factor of Authentication. As of now, relax and closely watch the moments happening in the banking sector.
Once your automatic loan deductions, sip amounts would effected, you can act smartly by observing the day-to-day moments in the banking sector.
Great relief to the consumers is it is applying first on OTT Platforms and by observing the changes, you would be future-ready!
bank-info.in 