UAE’s Central Bank to introduce direct debit system

Dubai, April 10 (IANS/WAM) The Central Bank of UAE has announced the introduction of the Direct Debit System in the UAE with effect from June 15, 2013.

The implementation of Direct Debit will enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan installments, it said.

“The facility is designed to eliminate the need to sign several post-dated cheques for installments upon obtaining a loan/finance, allowing banks to reduce their reliance on post-dated cheques. The benefit for account holders is that they can plan their expenses more efficiently,” the bank said .

–IANS/WAM

sd

The opinions, beliefs and viewpoints expressed by authors, news service providers on this page do not necessarily reflect the opinions, beliefs and viewpoints of Hill Post. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Hill Post makes no representations as to the accuracy or completeness of any information on this site page.

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.