Telecom, Banking, Online transaction and many more to implement new changes in their service starting this September
The following are some of the major changes that are planned to take effect in India as September 2024 approaches in the area of personal finance, online transactions, and telecommunications. Below is the list of major changes that are planned to be implemented starting from September 1, 2024.
RuPay Credit Card and UPI Transaction Regulation
In a circular, NPCI has instructed the banks to ensure that the rewards points, benefits, and features offered for RuPay credit cards on UPI transactions are at least equal to those offered for normal card transactions. This rule appears to regulate the remunerations and incentives by making them equal regardless of the type of transaction in question, and it will come into force on the 1st of September in the year 2024.
TRAI's Anti-Spam Measures
The Telecom Regulatory Authority of India (TRAI) is going to implement new regulation to fight against spam and phishing. From September 1, telecom operators will have to get themselves registered, and their numbers will have to be whitelisted in order to send OTPs and other messages. This new system will also check messages for links that may be a result of the OTP, and this will slow down the delivery of OTPs. The headers and templates of banks and app-based services are required to register by August 31, in order to meet the compliance.
Free Aadhaar Updates Extended
The Unique Identification Authority of India (UIDAI) has further extended the free Aadhaar document update services till 14th September 2024. This extension enables the Aadhaar holders to correct their demographic data free of cost. Aadhaar details should be updated in order to ensure that the Aadhaar number is linked with banking facilities, governmental schemes and mobile numbers. Go to My Aadhaar portal on myaadhaar.uidai.gov.in and then login after entering your Aadhaar number and an OTP from your registered mobile number. After that, you can choose update Aadhaar option, and then you are good to go.
Several credit card rules are being revised
HDFC Bank: The bank is limiting the accumulation of reward points on utility bills, implying that cardholders will receive fewer rewards when they use their cards to pay for services such as electricity and water.
IDFC FIRST Bank: The bank is changing the credit card payment options such as minimum payment and due dates starting from September 2024.
Exclusive Contracts: The Reserve Bank of India (RBI) has instructed card issuers not to have an open arrangement with a card network that prevents the use of other networks. This change will take place six months from the date of this circular, which is 6th September 2024.
Particularly, Special FD Deadlines
Several banks have extended the validity dates for special fixed deposits:Several banks have extended the validity dates for special fixed deposits:
DBI Bank: The bank has further extended the validity date of Utsav FDs with the tenors of 300 days, 375 days and 444 days up to September 30, 2024.
Indian Bank: The bank is providing special FDs with the interest rates of up to 7. 80% for super senior citizens with the maturity date of September 30, 2024.
Punjab and Sindh Bank: The special FDs of the bank which are 222 and 333 days will have their due dates as September 30, 2024.
SBI: The Amrit Kalash scheme with the duration of 400 days and Wecare scheme has been further continued till 30th September 2024.
New Rules and Regulation of Google Play Store
Google is preparing to delete thousands of applications from the Play Store starting from September 1, 2024, due to the new policy that will enhance the security of users. These apps are thought to have malware sources that can hack the users’ phones.
These changes are to improve security, fight fraud and optimize various financial and telecommunications operations. These changes should be known by the consumers so that they do not have to be caught off-guard and so that they can manage their finances well.
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 "Banking, Aadhaar, UPI rules to change from September, know if it will affect you…")
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