A new money related details , including card tokenisation ,new debit and credit card rules are willing to come by the October 2022. Apart from these eligibility for investing in atal pension Yojana and demat account KYC rules will also take place. Many of you would have no idea what is RBI card tokenization let’s read further to know what is RBI card tookanization.
RBI card tokenisation
The details of your card such as 16 digit numbers names expiry dates code numbers which you use to save earlier for future payments will now be replaced by a token the token is used by the merchant website for the transaction.
The RBI is implementing these rules of tokenisation in order to secure the card details of the customers.
What is happening today is the bank card details are saved by a merchant during a transaction, if the merchants website is hacked the details of the customer will be exposed so in order to save it from any such incident of money loss, norms of RBI will take place so that all the customers card detail will be with the bank and not with the merchant website. Let’s move further and read more about it.
Customers will not need to pay any charges for awailing this services.
New debit and credit card rule
The reserve Bank of India had extended the deadline for implementation of a few master direction provisions , also it included the use of credit and debit cards to October 1 of this year from July 1.
Under the new rules the credit issuers will receive an OTP to activate the card, in case if the issue are fails to do that within a specified period of 30 days the card will be blocked within 7 days from the date of seeking confirmation from the customer.
The centre recently announce amazing change in the atal pension Yojana which states that income tax payers will not remain eligible for the scheme from October 1 2022 then latest notification. it also Announced that from the first October 2022 any citizen who is or has been an income tax payer shall not be eligible to join APY.
The apy scheme only 6 to restrict the entry of income tax payers from October 1 2022 therefore subscriber who had join the scheme before October 1 2022 can continue to invest and avail the tax benefits
National pension scheme e- nomination rule change.
Any person who is planning to invest in the government bank the scheme or is about to retire must be aware of the latest changes which has been announced.
For the ease of NPS PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA) and INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA (IRDAI) recently brought some Changes.
Changing the process flow of inamination for both Government and corporate sector subscribers the PF RDA stated that after the subscriber initiats in nomination the nodal office would have the option to either reject or accept the request in case no action is taken within 30 days of the request then it would get accepted in the CRA system , this flow shall be effective from October 1 2022
Demat account login
Demat account holders might face difficulties in login into the accounts if they do not enable two factors or authentication by September 30 2022. Stop stock market national stock exchange issued a circular in the regard on June 14 this year.
Circular said that the member shell preferably use biometric authentication as one of the authentication factors to log on to their demat account on the other hand it can be a knowledge factor something about user which only the use and knows like password or PIN.