5 Big changes in Debit and Credit card payment method will effect from 1st October. These changes will impact credit cards and mutual funds.
Reserve Bank of India decided to make important changes from next month to crack down on the increasing cases of Cyber Fraud across India. These changes will directly affect the pocket.
According to reports, RBI is introducing card – on- File Tokenization (COF Card Tokenization) rules for credit card and debit card users. After this rule work in effect will give more facilities and security to card holders.
RBI has merged all Credit and Debit card, point- of- sale and also app transactions into a single unique token. It is decided earlier that these change will apply from January 1, 2022, but now RBI has extended the last date to June 30. Later its deadline again changed and now w.e.f 1st October 2022. Apart from this, there is some important information that you should know, to avoid later suffering.
See the Five Changes in Debit and Credit Card Payment Method
- Subsidy can be closed: – This is the first change in the list of RBI. According to the information, the subsidy on electricity bill from the Delhi government will be stopped. After October 1st only the consumers who apply for the subsidy will get the facilities.
- Changes related to Debit and Credit Cards: – RBI every year changes some rules related to debit and credit cards, the reason is to avoid online fraud. By keeping this in mind from 1st October, a token will be generated during the transaction and payment will be done from it. This change in transactions is more secure than before.
- Changes in the rules of mutual funds: – People who invest in mutual funds after October 1st will have to give the details of their nominee or they can fill a declaration form.
- Gas Prices will Increase: – This change will directly impact Kitchen budget. According to reports, there may be some increase in the price of LPG.
- Graded Response Action Plan: – Thinking increased air pollution in Delhi NCR, a Grades Response Action and plan will be launched from October 1st. Under this, whatever increases pollution will be banned.
