Friday, 24 March, 2023

OTT platforms, cloud providers fail recurring payments regulations by RBI

<p>RBI has stated that from October 1, 2021, banks will be required to notify the customers before the deduction of any money from their accounts. Till now only a handful of OTT platforms and cloud providers have complied with the rules. Some banks have said that 15% of e-mandates are willing to decline this new rule as it is not worth their effort to make necessary changes in their system. Customers have to go to individual sites to re-subscribe in such cases.</p>