New rules for payments by debit card, check books from October; All you need to know

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In October, banks will undergo four rule changes.

Change of pension rule

Digital Life Certificates (Jeevan Pramaan Center) will change for people over 80. It is a digital biometric service for retirees. From October 1, 2021, the rules related to digital life certificates will change. Retirees (over the age of 80) can present a digital life certificate to the Jeevan Pramaan Center from any major post office in the country. The deadline is November 30, 2021. The Indian Postal Service had been asked to ensure that the credentials of these Jeevan Pramaan centers are activated in case they are already closed.

Old checkbooks, MICR code for 3 banks to be canceled: From October 1, the old checkbooks and MICR codes of United Bank of India, Oriental Bank of Commerce and Allahabad Bank will be automatically canceled. These banks have recently merged with other banks.

Direct debit rules: From October 1, the new RBI rule for direct debit on credit and debit cards comes into effect. Under this rule, direct debits will only take place if they have been approved by the customer. It made AFA (Additional Authentication Factor) mandatory for all recurring transactions below Rs 5,000 on debit cards, credit cards, UPIs and other prepaid payment instruments (PPIs), and all stakeholders are required to ensure full compliance with the framework by September. 30, 2021.

Investments subject to a rule change: The Sebi revised the risk management framework for UCIs with certain mandatory and recommendable elements. Asset management companies (AMS) should conduct a self-assessment of their risk management framework and practices and submit a report to Sebi along with the roadmap for implementing the framework, said Sebi in a circular.

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Posted on: Tuesday, September 28, 2021, 11:04 am IST


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