Blitz Bureau
NEW DELHI: Bank customers, pension subscribers, train passengers, and postal service users will all be impacted by several regulatory, banking, and service-related changes that take effect on October 1, reported IANS.
The Reserve Bank of India (RBI) will shift cheque processing from batch clearing to a continuous clearing method. The new system will be rolled out in two phases, with the first starting on October 4, and the second from January 3 next year. New guidelines for purchasing general tickets online via the Indian Railway Catering and Tourism Corporation’s (IRCTC) website and mobile app will be put into effect. Updated booking policies will be implemented for Aadhaar-authenticated users on October 1 in an effort to curb ticket reservation system abuse.
With effect from October 1, India Post has updated its Speed Post rates. GST will now be shown separately on charges, and for added security, customers can choose OTP-based delivery. These steps are intended to improve the service’s security, transparency, and usability.
The Central Recordkeeping Agency (CRA) fees for members of the Unified Pension Scheme (UPS), NPS, NPS Lite, NPS Vatsalya, and Atal Pension Yojana (APY) have been updated by the Pension Fund Regulatory and Development Authority (PFRDA). Te new fee schedule will be in effect from October.
In a major change, non-government NPS subscribers will be allowed to invest up to 100 per cent of their contributions in equities from October 1. They will also be able to hold multiple schemes under a single PRAN across different recordkeeping agencies. Additionally, eligible Central Government workers have until September 30 to transfer from the NPS to the UPS.