According to NPCI MD and CEO Dilip Asbe, the upcoming in-app feature is expected to resolve 80-90% of payment failures in real time. The feature will make its debut in September 2022.
While we are still six months away from the proposed January 2023 timeframe, a new report highlights that the government is planning to extend the deadline.
“Customers should first check whether the app they are borrowing from is registered with the RBI or not. All details pertaining to registration of digital money lenders is available on RBI’s website”
I believe it means, Excess amount greater than a percentage of your credit limit or 5000 will be transferred to your bank account. Meaning if you have 1 lakh credit limit and you have 1,05,000 in your card, that 5000 will be transferred to your bank as it exceeds your credit limit (This usually happens when you get a refund and you don’t have a bill for a bank to settle that funds into). However if you have less than 1% of your credit limit exceeding the limit, like 1,00,020 that will stay and won’t be transferred.