New rules for credit and debit cards
The Reserve Bank of India (RBI) had extended the deadline for implementing certain master directive provisions, including issuance and use of credit and debit cards, from July 1 this year to October 1.
The provisions to be implemented under the new directive include:
Credit issuers will receive an OTP to activate the card. However, if the issuer fails to do so within the specified period of 30 days (from the date of issue), the card will be blocked within seven days from the date of receipt of confirmation from the customer.
The card-issuer must not breach the sanctioned credit limit without obtaining explicit consent from the cardholder.
There will be no capitalization of unpaid charges/levies/taxes for recovery/compounding of interest.
Demat Account Login
According to the National Stock Exchange’s (NSE) circular dated June 14, holders of demat accounts will not be able to access their accounts by September 30, 2022 if they do not use two-factor authentication.
The circular states that “members shall use biometric authentication as one of the authentication factors for logging on to their demat accounts”. The second could be the “knowledge factor” – something that only the user knows, such as a password or PIN; Or a “possession factor” – something that only the user has access to, such as a one-time password (OTP), security token or authenticator app on a smartphone or desktop. Customers should receive OTP both through email and SMS. In cases where biometric authentication is not possible, the circular requires the members to use the Knowledge Factor (Password/PIN), Possession Factor (OTP/Security Token) and User ID.
but do study more:
Demat account login will not work from 1st October 2022 without it
Atal Pension Yojana closed for income tax payers
Government’s Atal Pension Yojana (APY) Social Security Scheme will no longer accept nominations from income tax payers from October 1, 2022. It aims to better target pension benefits to underserved demographic groups, according to the finance ministry.
As per the notification, “Provided that with effect from 1st October, 2022, any citizen who is or has been an income tax payer shall not be eligible to join APY.”
According to the notification dated 10th August, 2022, “For the purposes of this section, the expression “payer of income-tax” shall mean a person who is liable to pay income-tax in accordance with the Income-tax Act, 1961, as amended from time to time. – on time.”
Changes in the process flow of e-nomination for NPS customers
According to the Pension Fund Regulatory and Development Authority (PFRDA), there have been some changes in the process of submitting e-nomination in one’s National Pension System (NPS). The updated e-nomination process flow will be effective from October 1, 2022.
According to a circular issued on August 25, 2022, PFRDA stated that the enrollment request in the CRA system will be accepted if the nodal office does not take any action against it within the allotted 30 days. The amendment in the e-nomination process flow will be effective from 1 October 2022.
RBI Card Tokenization
The deadline for tokenizing debit and credit cards was extended by the Reserve Bank of India (RBI) on Friday for an additional three months till September 30, 2022. To delete all previously stored card-on-file (COF) data by October 1, 2022, other than the card network and card issuer