Banking, Aadhaar, UPI rules to change from September - Will it Affect You?
When september 2024 draws near, the following significant adjustments to personal banking, internet shopping, and telecommunications are expected to happen in India. The list of significant adjustments that are scheduled to take effect on september 1, 2024, is shown below.
RuPay Credit Card and UPI Transaction Regulation
The NPCI has directed the banks, through a circular, to guarantee that the features, rewards points, and perks available for RuPay credit cards on UPI transactions are at least equivalent to those available for regular card transactions. This law, which will take effect on september 1st, 2024, seeks to control incentives and remunerations by making them equal regardless of the kind of transaction in issue.
TRAI's Anti-Spam Measures
To combat spam and phishing, the Telecom Regulatory Authority of india (TRAI) will be enacting new regulations. To send OTPs and other messages, telecom providers will need to register themselves starting on september 1st, and their numbers will need to be whitelisted. The distribution of OTPs will be slowed down by this new system's additional inspection of messages for links that could be the result of the OTP. To comply with the compliance, banks and app-based services must register their headers and templates by august 31.
Free Aadhaar Updates Extended
The free Aadhaar document updating services have been extended by the unique identification authority of india (UIDAI) till september 14, 2024. With the use of this extension, Aadhaar holders may freely update their demographic information. To make sure that the Aadhaar number is connected to mobile numbers, banking services, and government initiatives, the Aadhaar data should be updated. Enter your Aadhaar number and an OTP from your registered cellphone number on the My Aadhaar site at myaadhaar.uidai.gov.in, then log in. You are then set to proceed by selecting the update Aadhaar option.
Several credit card rules are being revised
HDFC Bank: By restricting the amount of reward points that may be accrued on utility bills, the bank is likely to reduce the amount of rewards that cardholders will earn for using their cards to pay for services like water and electricity.
IDFC FIRST Bank: Beginning in september 2024, the bank will be altering credit card payment choices, including minimum payments and due dates.
Exclusive Contracts: Card issuers have been advised by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) not to enter into an open contract with a card network that restricts access to other networks. Six months from the date of this circular, which is september 6, 2024, this modification will occur.
RuPay Credit Card and UPI Transaction Regulation
The NPCI has directed the banks, through a circular, to guarantee that the features, rewards points, and perks available for RuPay credit cards on UPI transactions are at least equivalent to those available for regular card transactions. This law, which will take effect on september 1st, 2024, seeks to control incentives and remunerations by making them equal regardless of the kind of transaction in issue.
TRAI's Anti-Spam Measures
To combat spam and phishing, the Telecom Regulatory Authority of india (TRAI) will be enacting new regulations. To send OTPs and other messages, telecom providers will need to register themselves starting on september 1st, and their numbers will need to be whitelisted. The distribution of OTPs will be slowed down by this new system's additional inspection of messages for links that could be the result of the OTP. To comply with the compliance, banks and app-based services must register their headers and templates by august 31.
Free Aadhaar Updates Extended
The free Aadhaar document updating services have been extended by the unique identification authority of india (UIDAI) till september 14, 2024. With the use of this extension, Aadhaar holders may freely update their demographic information. To make sure that the Aadhaar number is connected to mobile numbers, banking services, and government initiatives, the Aadhaar data should be updated. Enter your Aadhaar number and an OTP from your registered cellphone number on the My Aadhaar site at myaadhaar.uidai.gov.in, then log in. You are then set to proceed by selecting the update Aadhaar option.
Several credit card rules are being revised
HDFC Bank: By restricting the amount of reward points that may be accrued on utility bills, the bank is likely to reduce the amount of rewards that cardholders will earn for using their cards to pay for services like water and electricity.
IDFC FIRST Bank: Beginning in september 2024, the bank will be altering credit card payment choices, including minimum payments and due dates.
Exclusive Contracts: Card issuers have been advised by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) not to enter into an open contract with a card network that restricts access to other networks. Six months from the date of this circular, which is september 6, 2024, this modification will occur.