Starting July 1, 2024, significant changes will be implemented in the rules governing bank accounts and credit card billing. Here’s what you need to know:
New Mobile Number Portability (MNP) Policy
The Telecom Regulatory Authority of India (TRAI) has announced amendments to the Mobile Number Portability (MNP) rules. Under the new MNP rules, TRAI has introduced a seven-day waiting period for issuing a Unique Porting Code. This means if your SIM card is lost or stolen, you won’t get a new number immediately; you’ll need to wait for seven days. This change aims to prevent fraud through SIM swap techniques.
Increased FASTag Service Charges
From July 1, banking companies providing FASTag services will implement new charges. Consumers will now have to pay fees for tag management, low account balance notifications, and payment detail retrieval every three months.
Mobile Recharge to Get Costlier
Telecom giants like Jio, Airtel, and Vodafone have announced changes to mobile tariffs, which will take effect from the first week of July. Additionally, Punjab National Bank (PNB) has decided to close bank accounts that have been inactive for the past three years. However, PNB had given a grace period of up to June 30 for account holders to complete their Know Your Customer (KYC) updates to avoid closure.
New Rules for Credit Card Bill Payments
The Reserve Bank of India (RBI) has introduced a new rule effective July 1, which mandates that all credit card bill payments be processed through the Bharat Bill Payment System (BBPS). This change aims to streamline the payment process and enhance security. However, not all banks have implemented this system yet.
Same-Day Settlement for National Pension System (NPS) Transactions
Starting July 1, the Pension Fund Regulatory and Development Authority (PFRDA) will allow same-day settlement for National Pension System (NPS) transactions. Contributions received by the trustee bank by 11 AM will be invested on the same day, and customers will benefit from the same-day Net Asset Value (NAV). Previously, the settlement of contributions received was done the next day (T+1).
