All the customers need to update themselves from the current changes made by banks, pension authorities, and other e-platforms.
- Skin-in-the-game rules
- Pensioners Digital Life Certificate
- Need of New cheque Books
- Additional Factor of Authentication
People who are members of fund houses should know that skin-in-the-game rules will start to be regulated for junior employees(below 35yrs.) from 01-Oct.-2021.
In the mutual fund houses, SEBI’s junior employees have to pay a compensation amount of 10%.
From next year in 2022, it will be increased to 10%+10%=20%
From Oct. 2023, it will be payable to 30%.
CEO and fund managers will receive only 80% of their salary as the remaining 20%share will be treated as an investment to mutual fund units with the tenure of 3years and they will not be part of these benefit rules.
Pensioners Digital Life Certificate
To receive the benefits of a seamless pension, pensioners don’t have to stay in the queue and submit the physical life certificate to the disbursing authority.
80years aged pensioners have health problems and are also not able to walk in the office of disbursing authority. They only need to contact the Jeevan Pramaan Centre, nearby PO. They will prepare a biometric digital life certificate for you and transfer it to the authorities. Pensioners need to deliver this certificate before the end of Nov. 2021. It is mandatory to receive the pension on time.
Apply for new checkbooks
Do you have an account in Oriental Bank of Commerce, Union Bank of India, or in Allahabad Bank?
If yes, your old checkbooks will no longer be accepted for payments therefore, you should contact banks to issue a new checkbook for you.
All the Allahabad bank customers should know that it has been inherited by Indian Bank so it is compulsory to do.
Additional Factor of Authentication
RBI has prepared a new framework to upgrade the safety of automated payment methods.
From 01Oct2021 Customers will not be permitted to recharge or subscribe to the OTT platform’s services.
- Payment above 5000 Rs will be operated after AFA.
- The bank will notify the user on their phone through a message within a day for the respective payment of Rs.5000 and above so the user can confirm whether to pay or decline.
- Re-registration is required for the cards.
The purpose of this act is to make the customer payment experience more convenient, safe and seamless without any fraud event.
Manjula Gupta: Chief Business Officer and Editor
Manjula completed his degree in M.TECH, from California, Later she is an editor in many publications, and here she contributes with brands as well as manage our all publication.