Banking Rule and Regulations 2022: From October 1, 2022, next month, there are going to be many changes in many rules related to bank to everyday. There is still 5-6 days left for the month of September to end. However, these changes are going to have an impact on both the rich and the poor. The rules which have been changed next month also include debit and credit cards. For this the Reserve Bank of India has also issued the deadline. Apart from this, changes will be made in the rules by many other departments as well.
Changes in Card Tokenisation
Let us tell you that from October 1, 2022, the card-on-file tokenization (CoF Card Tokenization) rule of RBI is going to change. In this regard, RBI has said that after the change in the tokenization system, the payment experience of cardholders will improve, as well as debit card and credit card transactions will become more secure than before. According to RBI, if the customer transacts online, point of sale (POS) or app through debit or credit card, then all the details will be saved in the encrypted code.
Save your details on the server
So far, when we do a transaction with a debit or credit card at any POS, online or on the app, its details are saved in the company’s server. But whenever you go to make payment online or on the app again, the company does not ask you for complete details. There your account number, card number etc. are already present there. Just by entering your CVV again, your payment is done. This will not happen from October 1 because there will be no data store in the company’s servers. They will get every information related to the card in an encrypted code which cannot be read.
Here are the new rules
The Reserve Bank of India has prohibited payment companies from storing the data of customers’ credit cards or debit cards. Payment companies will now be given an alternate code in lieu of the card, which is named Token. These tokens will be unique and the same token will work for multiple cards. Once this is implemented, for online payment, instead of using the card directly, a unique token will have to be used.
You will not get the benefit of Atal Pension Yojana
Atal Pension Yojana is one of the most popular pension schemes of the government. Those investing in this scheme get a monthly pension of up to Rs 5000. There is going to be a big change in this plan from October 1. Under the new rules, now people paying income tax cannot take advantage of this scheme. This new rule will be effective from 1 October 2022. In such a situation, taxpayers still have a chance to take advantage of Atal Pension Yojana. You can invest in it even if you are a taxpayer till September 30. According to the existing rules, any Indian citizen between the age of 18 years to 40 years can join this pension scheme of the government, irrespective of whether he pays income tax or not.
Demat account will be safe
If you are a demat account holder. Buy or sell shares in its stock market. Then this news is very useful for you. The National Stock Exchange (NSE) had issued a circular on 14 June. In which it is very important for demat account holders to enable two-factor authentication by September 30, 2022. If you do not enable Two-Factor Authentication, you will not be able to login to your Demat account from 1st October 2022. According to the new circular, NSE says that the account holder will have to use biometric authentication as an authentication factor to login to his demat account. Another way is the knowledge factor. This is a password, PIN or any position factor, which is only known to the user.
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