In India, now you have to approve all such scheduled payments with a 2FA and upto a limit. So even if I have approved ShadyCorp they can't demand more than approved amount.

Dutch banks used to work like that too, by "incasso", and in fact still do to some extent. But any incasso that hasn't been directly authorised by you with the bank can be undone (and apparently at an additional fee to the company that originated it; they really don't like it when that happens). So that's actually very similar to how credit cards work, but without the additional fee. These days you can easily manage all upcoming incassos through your banking app and block them before they happen, though I generally prefer to pay such recurring payments through automated "push" transfer.

The problem is that since direct debits are so easily reversible, in Germany they are not seen as a final form of payment (until the charge return time limit expires) as there is no form of dispute arbitration involved.

Merchants will usually not ship goods or provide services for a direct debit alone.

In Netherland incasso is mostly used for recurring membership fees, not the purchase of goods. Those are generally done through a direct, authorised transaction, which isn't so easily reversible.