New Delhi: Many important changes are going to happen from tomorrow i.e. from 1st November including credit card and money transfer. All these changes are going to have a direct impact on you. In such a situation, you must know about them. These changes will have a direct impact on you. You may face problems if you are not aware of these rules.
Calling rules will change from January 1, Jio, Airtel, Voda users will be directly affected.
The rule of message traceability will be applicable
TRAI’s new rules regarding spam calls and messages will come into effect from November 1. Under the message traceability rule, telecom companies will identify suspicious or fake numbers and immediately block them, so that these numbers will not be able to deliver messages to the users. This will provide security to the users. It is noteworthy that the government has directed telecom companies like Jio and Airtel to implement message tracking to stop spam. Under this, the rules for tracking and blocking spam messages will be applicable to all telecom companies from November 1.
Two major changes in UPI Lite platform
There are going to be two major changes in the UPI Lite platform from November 1, 2024. With this, UPI Lite users will be able to make more payments. RBI has also increased its transaction limit. Under the second change, if your UPI Lite balance goes below a certain limit, the money will be added back to UPI Lite through the new auto top-up feature. This will eliminate the need for manual top-up, allowing seamless payments with the help of Unified Payments Interface (UPI) Lite.
New rules for money transfer
The new rules for domestic money transfer issued by RBI will come into effect from November 1, 2024. So that misuse of banking channels for fraud can be prevented. RBI had said in its circular that the availability of banking outlets has increased significantly. There have been developments in payment systems for fund transfers. It has become easier to fulfill KYC requirements. Now users have many digital options for money transfer. Recently various services facilitated in the existing framework were reviewed.
SBI Credit Card Rules
SBI has updated the finance charges on all its unsecured credit cards to 3.75 per cent per month. However, this does not apply to Gallantry, Defense. In such a situation, if the billing period utility payment through ABI Credit Card is more than Rs 50 thousand, you will have to pay 1 percent charge.
MF’s new insider trading rules
New insider trading rules of mutual funds will come into effect from November 1, 2024. According to the new rules, information about transactions of more than Rs 15 lakh made by nominees and their close relatives in the funds of Asset Management Companies (AMCs) will have to be reported.
Interview between Time.news Editor and Financial Technology Expert
Editor (E): Good morning, and welcome to another insightful session with Time.news! Today, we’re diving into some vital changes coming into effect tomorrow, November 1st. With us is Dr. Aarti Sharma, an expert in financial technology and telecommunications. Thank you for joining us, Dr. Sharma!
Dr. Aarti Sharma (A): Good morning! Thank you for having me.
E: Let’s jump right in. Tomorrow marks significant changes in both telecom messaging and UPI Lite. Can you give us an overview of what to expect?
A: Absolutely. Starting November 1st, the TRAI’s new rules on message traceability will fundamentally enhance how we deal with spam calls and messages. Telecom companies will now be required to identify and block suspicious or fake numbers instantly, leading to a much safer communication environment for users.
E: That’s a huge step towards protecting consumers. What are the benefits for everyday users regarding this new rule?
A: One of the primary benefits is enhanced security. Users will encounter fewer spam messages and calls, which can often lead to scams. By proactively blocking these fraudulent numbers, telecom companies like Jio, Airtel, and others are helping protect users from potential financial loss and privacy breaches.
E: That’s reassuring! Now, shifting gears to the UPI Lite platform—what are the two significant changes that users should brace for?
A: The changes entail allowing UPI Lite users to make more payments, particularly facilitating smaller transactions, which could make digital payments even more accessible. Moreover, the Reserve Bank of India has reportedly increased the transaction limit, which means users can conduct multiple transactions without needing to authenticate each one, enhancing user experience and convenience.
E: That sounds like a real game-changer for users who rely on quick transactions. How do you see these changes impacting consumers in their everyday lives?
A: With the increase in transaction limits and simplified processes, users can expect a more seamless payment experience. This is particularly important in a country with a high reliance on digital payment systems. It encourages more people to adopt UPI for their daily transactions, which can further drive financial inclusivity.
E: It seems these changes are all about making the lives of users easier and safer. As a final note, do you think users need to be proactive in understanding these new rules?
A: Definitely! Awareness is key. Users who stay informed about these changes can better navigate their financial transactions and communication. Not knowing these rules may lead to challenges, especially with the impending phasing out of certain call rules in January. I urge everyone to take a few moments to familiarize themselves with these modifications.
E: Thank you, Dr. Sharma, for shedding light on these important changes! It certainly sounds like tomorrow will mark a significant step forward in financial security and convenience for all users.
A: Thank you for having me! It’s always a pleasure to discuss advancements in technology and finance.
E: That’s a wrap for today, folks. Make sure to stay informed and adapt to these changes—we’ll be back with more updates soon!