Bhubaneswar, January 2 (Local Wire) Reserve Bank of India brings 10 major changes in the banking rule in the country which is effected from 1st January.
It is mandatory for all the banks in the country to implement the changes made by RBI. The rules are also applicable to Odisha.
Let’s highlight the changes effected in January 2020
1.NEFT charges rolled back from January 1st, 2020. There is no fee for transacting using NEFT system. This measure is intended to encourage digital transactions.
2.SBI account holders need to carry their registered mobile phone while using ATM.
Customers will have to input an OTP sent by the bank on their registered mobile phones to withdraw cash and complete the transactions.
This is effected from 1st January to prevent fraudulent transactions.
3. The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. There will be no MDR charges in this mode of transactions.
4. The government has decided to give freedom to employees to lower the EPF contribution. This new rule enables the employees to take more salary to their home if they wish.
5. General insurance premiums go up by 10 to 15% on account of the rise in reinsurance rates.
6. The State Bank of India is the first bank to cut its external benchmark rate by 25 basis points after RBI reviewed the monetary policy in December.
The bank cut down the home loan interest rate to 7.9% from the previous 8.15% and interest on other kinds of loans will also come down this year.
7. The Government has directed hallmarking is mandatory on jewellery from January 15, 2020.
This step will ensure the quality and boost the demands for gold in India.
8. The government has extended the deadline to link Aadhaar Card with PAN Card from December 31, 2019, to March 31, 2020. As per the Income Tax Laws, the PAN cards will become inactive if Aadhaar Card is not linked.
9. All private and commercial vehicles running on the Indian roads need to purchase FASTags which affixed on vehicles windshield.
The government earlier extended the deadline from December 1st to 15th December 2019 for vehicle owners.
If you are travelling through the toll lanes without FASTag, you will have to pay two times of the toll charges.
10. If you have SBI debit cards with the old magnetic stripe, then your card will not work from January 1, 2020.
Apply now for the debit cards with EVM chip and PIN based debit card at your home branch. It secures for online payment.