RBI released the framework to release an additional authorisation factor for recurring deals worth up to Rs 2,000 in 2019. It was, however, extended in December last year to transactions of up to a limitation of Rs 5,000. Repeating deals above Rs 5,000 will require an extra OTP.
Seattle-based tech giant Amazon has ceased its month-long Prime membership in India following a new RBI guideline that asks banks and financial institutions to execute an additional authentication element for processing online deals. Going ahead, Amazon will provide three month and annual prime subscriptions.
The Amazon Prime regular monthly subscription was priced at Rs 129 per month. However, it has now been removed to stick to the new RBI standards. The deadline for the execution of the brand-new mandate has been set for September 30. Amazon has also upgraded its support page to show the elimination of its monthly membership.
Currently, brand-new customers can only decide on the three month or annual membership for Amazon Prime. The three-month subscription expenses Rs 329, while the yearly Amazon Prime membership costs Rs 999.
The new RBI framework was initially revealed back in August 2019, and a prolonged deadline for banks and banks was set for September 30 this year. RBI provided the structure to deploy an extra authorisation element for repeating transactions worth up to Rs 2,000 in 2019. It was, however, extended in December last year to transactions of approximately a limit of Rs 5,000. Recurring deals above Rs 5,000 will need an additional OTP.