As the world welcomed the new year of 2020; there are some important changes in the banking and other sectors ranging from Indian Railways fares, SBI interest rates, RBI guidelines, etc which would be applicable from January 1 2020.
Crux of the Matter
SBI has reduced interest rate by 0.25% after RBI made changes in its monetary policy.
SBI’s magnetic stripes ATM-cum-debit cards will get invalid from 1st January 2020
As per the new RBI guidelines, banks will not levy charges on NEFT transactions.
On transactions made via Rupay and UPI, there will be no Merchant Discount Rates (MDR) charges applicable.
SBI Bank customers will have to input an OTP for cash withdrawals from ATM. It is done to reduce fraudulent transactions.
Hallmark has been made mandatory on all Jewellery.
Government has allowed employees to decide on the % of EPF contribution as compared to previously fixed 12%.
General Insurance premiums are likely to see a rise of 10-15%
Government has given a second extension up to 31 March 2020 for linking Aadhar and PAN Card.
The Indian railways have hiked the passenger fares. Fares for the ordinary non-AC class has been increased by 1 paisa/km, for mail/Express Non-AC classes by 2 paise/km and AC class by 4 paisa/km. There will be no change in the suburban fare and season tickets.
Curiopedia
Merchant Discount Rate is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. MDR charges are usually shared in pre-agreed proportion between the bank and a merchant and are expressed in percentage of the transaction amount.
A hallmark is an official mark or series of marks struck on items made of metal, mostly to certify the content of noble metals—such as platinum, gold, silver and in some nations, palladium. It is used to refer any distinguishing characteristic.
The Employees’ Provident Fund Organisation, is an organization tasked to assist the Central Board of Trustees, Employees’ Provident Fund a statutory body formed by the Employees’ Provident Fund which is a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India.
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by the Institute for Development and Research in Banking Technology (IDRBT).
Curated Coverage
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