Large Indian lenders seek time on standing instructions

Amid fears of customer inconvenience, service disruption, and a surge in the load on the banking system, many large lenders and payment biggies like SBI, ICICI, Citi, HDFC, Axis, HSBC, Visa and Mastercard have asked the Reserve Bank of India (RBI) to push back the deadline for putting in place a new system to alert customers on ‘standing instruction’ transactions like renewing subscription to OTT platforms, newspapers and magazines, and utility