rbi changed rule otp will not be applicable on upi auto payment of 1 lakh mdn

rbi: Reserve Bank of India Governor Shaktikanta Das presented the bi-monthly monetary policy review on Friday. During this, he gave information about the change in the rules of auto debit. The apex bank has allowed merchants to withdraw money from their accounts with the permission of customers against goods and services for a fixed period of time (AUTO DEBIT) The limit for automatic deduction of money has been allowed to be increased from the existing Rs 15,000 to Rs 1 lakh in some cases. This limit has been increased for some categories like mutual funds, insurance premium. In this system additional system of verification (AFA) The limit for withdrawing money directly from customers account is currently Rs 15,000. For payments above this, additional verification is required. The Central Bank has taken this decision in view of the increasing number of such transactions and the smooth functioning of the system. According to RBI, the number of registered automatic permits of this type is currently 8.5 crore. Under this, transactions worth Rs 2,800 crore are taking place every month. Various sections have expressed the need to increase the limits in categories like mutual funds, payment of insurance premiums and credit card bill payments. In view of this, the Central Bank has taken this step.