From October 1, several rules will be changed throughout the country, majorly concerning banking, payments, and digital transactions. Here are the major changes in banking rules, pension and others that people should keep themselves updated about to avoid difficulties.
Pension rule change
Digital life certificates (Jeevan Pramaan Center) are going to change for those above the age of 80. It is a biometric enabled digital service for pensioners. From October 1, 2021, the rules related to digital life certificates are going to change. Pensioners (above the age of 80) can submit digital life certificate at the Jeevan Pramaan Center of all the Head Post Offices of the country. The deadline is November 30, 2021. The Indian Postal Department had been asked to ensure that the ID of these Jeevan Pramaan Centers are activated in the event that they are already closed.
Old chequebooks, MICR Code for 3 banks to be cancelled
From October 1, the old chequebooks and MICR codes for United Bank of India, Oriental Bank of Commerce and Allahabad Bank will be automatically cancelled. These banks have been recently merged with other banks.
Auto Debit Rules
From October 1, the new RBI rule for auto-debit on credit and debit cards comes into effect. Under this rule, auto-debits will not occur unless they have been approved by the customer. It has made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below Rs 5,000 on debit cards, credit cards, UPI, and other Prepaid Payment Instruments (PPIs), and all stakeholders are required to ensure full compliance with the framework by September 30, 2021.
Investments to undergo rule change
The Sebi has revised risk management framework for mutual funds with certain mandatory and recommendatory elements. Asset management companies (AMCs) need to perform a self-assessment of their risk management framework and practices and submit a report to Sebi along with the roadmap for implementation of the framework, Sebi said in a circular.
Suryoday Small Finance Bank ATMs to shut down
From October 1, all the ATMs of Suryoday Small Finance Bank will shut down.
“Due to operational reasons, Suryoday Bank ATMs will be discontinued w.e.f. 1st Oct 2021. However, one can continue to use their Suryoday Bank ATM/Debit Card at any other Bank’s ATM for your cash withdrawal requirements," Suryoday Small Finance Bank mentioned on its website.
The decision to shut down ATMs came because not many people are using their ATMs, said R Baskar Babu, MD, to Economic Times. “We realised that far too many customers were not using our ATMs, we could not make it a profit centre, hence we decided that we give customers free transactions on other bank ATMs rather than continuing to keep these machines." The small finance bank is now formulating a strategy where it would offer its customers 5-7 transactions free per month when they use the ATM network of other banks to withdraw cash, it said, according to the report.
The price of domestic and commercial LPG gas cylinders will change from tomorrow (October 1) as it is revised each month by the state-owned oil marketing companies.
Closure of private liquor shops
According to the new rules, private liquor outlets will be closed from October 1, 2021, until November 16. Until then, only government stores will be allowed to operate. Under the new excise policy of the Union government, no private liquor shop in Delhi will be allowed to open till November 16. The shops that will be shut will reopen from November 17 under the New Excise Policy. Until then, liquor will be sold only at government shops.
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