RBI has set a rule for banks to take pre-authorization from customers before deducting payments. With effect from October 1, 2021, banks will not approve any standing instructions (e-mandate on cards for recurring transactions) placed on merchant websites/apps on credit/debit cards, unless it is in accordance with RBI-compliant process. Don’t be according ET’s Saloni Shukla tells you all about this new rule of auto-debit. Watch