2 min read.Updated: 28 Sep 2021, 12:06 PM IST Edited By Vivek Punj
Following RBI directives, banks will have to carry out additional factor authentication before auto debiting payments from credit or debit cards
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Several new rules related to the daily lives of people will change from next month. These rules are related to pension, cheque books, auto debit facility and mutual fund investments. Specific to Delhi, private liquor shops will be closed in the national capital till mid-November under the new excise policy.
Considering the impact these rule changes will have daily affairs of people, here's a look at what will change from October.
Following directions from Reserve Bank of India (RBI), banks will make changes to the auto debit facility on credit and debit cards from October 1. The central bank has asked banks to carry out an additional factor authentication. This means the amount cannot be deducted without the subscriber's approval. Banks will send a notification to the subscriber 24 hours before deducting the amount, and the payment will take place only after subscriber's go ahead.
Pensioners aged 80 years and above will have the option to submit their digital life certificates at Jeevan Pramaan Centres from October 1. These centres are located in head post offices across the country. The digital life certificates can be submitted till November 30. Indian Postal Department has been directed to reactivate IDs of Jeevan Pramaan Centres in case they were closed due to some reason.
Old cheque books and Magnetic Ink Character Recognition (MICR) code of three banks will become invalid from October 1. These banks include Oriental Bank of Commerce, United Bank of India and Allahabad Bank. Oriental Bank and United Bank, which merged with the Punjab National Bank (PNB), informed that old cheque books and pre-existing MICR and Indian Financial System (IFS) codes will be discontinued if not updated.
Junior employees working with asset management companies will have to invest 10 per cent of their gross salary in the funds they are managing. As per SEBI rules, this arrangement will come into effect from October 1. This limit will be raised to 20 per cent from October 2023. If the employees already hold units of mutual fund they manage, then they can be used to offset the impact on salary, subject to certain conditions.
Private liquor shops to be closed in Delhi
Private liquor shops will not be allowed to operate in Delhi for the entirety of October and till November 16. This is in accordance to the new excise policy of the Delhi government. Only government liquor shops will be allowed to operate during this time. Private shops will reopen from November 17.
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