Hosted by Chirag Chinnappa
Edited by Manasi Nene
In September of this year, the RBI rolled out its mandate for customers to authenticate auto-debit recurring card-based payments. This affects all recurring payments and subscriptions that debit money every month from your bank account-from your OTT subscriptions to your donation for the social cause of your choice. Now, you have to confirm each transaction, every time it takes place.
Now, you have to confirm each transaction, every time it takes place. So what are the larger implications for businesses that depend on auto-payments? How are banks handling this change? Why did the RBI introduce this mandate in the first place? And how does this impact the social sector?
To understand more, we spoke to Advait Rao Paleppu, Financial Journalist at The Morning Context and Ingrid Srinath, Founder-Director at the Centre for Social Impact and Philosophy at Ashoka University.