Several major changes in banking and other sectors that will take effect from next month are likely to greatly affect people’s daily lives. Reports suggest that changes will be implemented in retirement rule, bank check books, investment rules and more.

From October 1, retirees aged 80 and over will have the opportunity to submit their digital life certificates at the “Jeevan Pramaan Centers” of the respective post offices nationwide. To facilitate the process before the deadline, the Indian Postal Service has been tasked with reactivating the identifiers of these “Jeevan Pramaan Centers” in case their identifiers are closed.

Along with this, the old checkbooks and MICR (Magnetic Character Inc Recognition) code of three banks will become invalid from the beginning of next month. This will be seen in Oriental Bank of Commerce, United Bank of India and Allahabad Bank.

The automatic debit facility rule will also be changed from the beginning of October. The Reserve Bank of India has ordered the banks to conduct an ‘additional factor authentication’, following which the monthly payment for over-the-top platform (OTT) subscriptions will not take place without the approval of the maid.

The investment rules will also be changed. The Securities and Exchange Board of India (SEBI) has announced that junior employees working with asset management companies must now invest 10 percent of their gross salary in shares of this mutual fund. The requirement will increase to 20 percent of gross salary from October 2023.

Posted: Diptiranjita Patra

Last update: September 29, 2021, 3:54 PM IST

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