Dubai, Apr 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 .