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New Auto Payment Rules: Notification Required 24 Hours Before EMI Deduction

  The new rules will apply to all types of auto payments—such as OTT subscriptions, insurance premiums, bill payments, EMIs, etc.—that are processed via cards, UPI, or prepaid instruments. The RBI has implemented new regulations regarding e-mandates. The Reserve Bank of India (RBI) put its new guidelines concerning e-mandates into effect starting Tuesday. Under these new rules, customers are now required to complete a one-time registration process—involving an additional layer of verification—before initiating any form of online auto payment. Furthermore, the respective banks or financial institutions involved must provide a notification 24 hours in advance before deducting any amount from a customer's account. These new regulations cover all recurring auto payments—including OTT subscriptions, insurance premiums, bill payments, EMIs, and similar transactions—that are executed using cards, UPI, or prepaid payment instruments. The RBI has also clarified that customers will be ac...
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Shashidhar Jagadishan to be next CEO and MD of HDFC Bank, Aditya Puri replaced, RBI approved

 

Shashidhar Jagadishan to be next CEO and MD of HDFC Bank, Aditya Puri replaced, RBI approved


The Reserve Bank has approved the name of Shashidhar Jagadishan as the successor of Aditya Puri, CEO and Managing Director of HDFC Bank, the country's largest private bank. Jagadishan is currently working as the bank's 'change agent' and head of the finance department. He has been associated with the bank since 1996. With Jagdishan's appointment, all the speculation about Puri's successor has come to an end. There was a lot of curiosity in the entire banking industry and the business world as to who would replace Puri taking HDFC Bank to new heights.

 

HDFC Bank said on Tuesday that the Reserve Bank has approved the appointment of Jagadishan to the post of CEO and MD of the bank for three years. His appointment is effective for three years from October 27, 2020. Puri's term ends on October 26, 2020. He was the first seeded candidate of the bank's board. The bank has informed the stock markets that a meeting of the board of the bank will be called to recommend Jagadishan's appointment.

 

Puri said in an interview to a TV channel that she is very happy. He said that Jagadishan was working with him with a lot of commitment after being appointed as a change agent. Puri said, "I believe he has the necessary skills and I am happy that HDFC Bank is in good hands." The best is yet to come. ''

 

Puri is credited with making HDFC Bank the second largest bank in the country by asset and largest in terms of market capitalization. He has been heading the bank for nearly 25 years. Earlier, HDFC Bank on its behalf gave a list of three candidates to the central bank. The bank had sent the names of the candidates in this list on the basis of preference. Now the bank will inform the stock exchange the name approved by RBI. At the recently held virtual AGM of the bank, Puri had pointed out who her favourite candidate as his successor was. He had told, "He (successor) has been with us for 25 years, at least in my mind his place regarding my successor was already clear."



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