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E-mandate options on your debit and credit cards after September

The RBI has given yet another relief of six-month to debit and credit card customers who have given standing instructions to third-party service providers for bill payments. These recurring payments up to Rs 5,000 will continue to get debited cards, but only till September this year. As per RBI's direction, the third-party service providers and the regulated banks and card issuers have to integrate their technology systems to protect the interest of the customer who is often charged without any prior intimation or have to run around for refunds. The big private banks are already ready for the technology integration., but the hundreds of service providers like OTT players or utility companies and App-based Fintech players are yet not ready in terms of the technology as the e-mandate information has to flow from the service provider to the bank and vice-a-versa. Watch as Anand Adhikari, Executive Editor, Business Today explains the options to avoid debit failures on utility bills or subscription payments after September. Also Read: Byju's acquires Aakash Educational Services for $1 billion

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