Starting November 1, several regulatory changes will come into effect across various domains, particularly in finance, telecom, and transportation. These updates, including the Reserve Bank of India’s (RBI) revised Domestic Money Transfer (DMT) guidelines, aim to enhance financial security, improve service compliance, and simplify daily transactions. Here’s a roundup of the major changes impacting daily life in India from this month.
RBI Domestic Money Transfer (DMT) Rule Update
The Reserve Bank of India (RBI) has rolled out a new Domestic Money Transfer (DMT) framework, effective November 1, 2024. The revised regulations are intended to ensure compliance with current financial laws and improve the security of domestic transactions. Citing increased access to banking outlets and easier KYC requirements, the RBI stated in a July 24 circular that these changes are part of a broader review to enhance convenience and safety in digital transactions.
SBI Credit Card Changes
Starting November 1, SBI Card will implement several updates for its credit card holders. Finance charges for unsecured SBI credit cards will rise to 3.75% per month. Additionally, from December 1, a 1% fee will apply if monthly utility bill payments exceed Rs 50,000.
ICICI Bank Credit Card Updates
ICICI Bank is revising its credit card fee structure and reward program, effective November 15. Changes include the discontinuation of spa benefits, limitations on fuel surcharge waivers for spends over Rs 100,000, removal of reward points on government transactions, and updated late payment fees. A new 1% fee will also apply to educational payments made via third-party platforms.
Indian Bank Special FD Deadline
Indian Bank’s special fixed deposit scheme, Ind Super, is available until November 30, 2024. For 300-day deposits, the bank offers interest rates of 7.05% for the general public, 7.55% for seniors, and 7.80% for super seniors. For 400-day deposits, rates increase to 7.25%, 7.75%, and 8.00%, respectively.
Advance Train Ticket Booking Rule Change
Indian Railways has reduced the advance reservation period for train tickets from 120 to 60 days, starting November 1. The change is exclusive of the departure date and will not affect previously booked tickets.
TRAI’s New Message Traceability Rule
Effective November 1, telecom companies are required to implement message traceability to curb spam and fraud. The Telecom Regulatory Authority of India (TRAI) introduced this regulation to monitor the origin of promotional and transactional messages, blocking those that fail traceability standards.
LPG Cylinder Price Update
As per the monthly update schedule, petroleum companies will revise LPG cylinder prices on November 1. While domestic cylinder prices may fluctuate, commercial users are encouraged to monitor changes closely.