There is now less than a week left for the month of September to end. With this, from October 1 next month, many rules related to the bank will change from day to day. The impact of these changes will be on the life of the common man to the special. Among the rules that are changing next month are news related to debit and credit cards. RBI has also issued a deadline for this. Apart from this, changes will be made in the rules by many other departments as well.
From October 1, the Reserve Bank of India’s card-on-file tokenization (CoF Card Tokenization) rule is going to change. The Reserve Bank of India says that after the change in the tokenization system, the payment experience of cardholders will improve and debit card and credit card transactions will be more secure than before. According to RBI, if the customer transacts online, point of sale (POS) or app through debit or credit card, then all the details will be saved in the encrypted code.
Let us tell you that till now it happens that when we do a transaction with debit or credit card at any POS, online or on the app, then its details are saved in the company’s server. Only when you go to make payment online or on the app again, the company does not ask you for full details. There your account number, card number etc. are already present there. All you have to do is enter the CVV again and the payment is done. This will not happen from October 1 because there will be no data store in the company’s servers. They will get every information related to the card in an encrypted code which cannot be read.
What will happen after the new rules are implemented?
Under the new arrangement, the Reserve Bank has prohibited payment companies from storing the data of customers’ credit cards or debit cards. Payment companies will now have to provide an alternate code in lieu of the card, which is named Token. These tokens will be unique and the same token will work for multiple cards. Once this is implemented, for online payment, instead of using the card directly, a unique token will have to be used.
Such people will not be able to take advantage of Atal Pension Yojana
Atal Pension Yojana is one of the popular pension schemes of the government. Those investing in this scheme get a monthly pension of up to Rs 5000. Now there is going to be a big change in this plan from October 1. Now under new rulesIncome TaxTaxpayers cannot take advantage of this scheme.
This new rule will be effective from October 1, 2022. In such a situation, taxpayers still have a chance to take advantage of Atal Pension Yojana. You can invest in it even if you are a taxpayer till September 30. According to the existing rules, any Indian citizen between the age of 18 years to 40 years can join this pension scheme of the government, irrespective of whether he pays income tax or not.
Demat account will be more secure
If you are a demat account holder and through this you buy or sell shares in the stock market, then this news is very important for you. The National Stock Exchange (NSE) had issued a circular on 14 June. Accordingly, it is very important for demat account holders to enable two-factor authentication by September 30, 2022.
If you do not enable Two-Factor Authentication, you will not be able to login to your Demat account from 1st October 2022. NSE said in this circular that the account holder will have to use biometric authentication as an authentication factor to login to his demat account. Along with this, the other way can be the knowledge factor. This can be a password, PIN or any position factor, which is only known to the user.
