7 Biggest changes in Banking industry in 2021 – You Should Know

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7 changes Banking industry in 2021

7 Biggest changes in Banking industry in 2021 – You Should Know

At the beginning of the new year, the Reserve Bank of India (RBI) has made some changes in the economic field. Find out how these new rules introduced by the Reserve Bank will affect your daily life. RBI emphasizes new rules for banking transactions as well as contactless transactions.

Biggest changes in Banking industry in 2021

The Covid 90 Pandemic has resulted in a substantial increase in online transactions.  These new rules have been implemented in the new year to reduce the fraud for financial transactions and to make daily financial transactions easier.

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7 Biggest changes in Banking industry in 2021

1. Contactless payment limit

Contactless payment limit has been increased from Rs.2,000 to Rs.5,000 from January 01, 2020. suggest you to disable contactless service on your card, so that no one can use ur card without PIN.

2. Bank Cheque 

Cheque will be hounered with dual verification, physical & electronic. Issuer need to fill details on physical cheque as well as electronically and Bank will hounuer cheques after matching them.

3. Post office saving account

Post office saving account holders will need to maintain Rs.400 average balance to avoid penalty of Rs.100

4. UPI transaction Limit

Charges on UPI was a Fake News, only capping on UPI transaction is going to be there for PhonePe & G-Pay.

5. RTGS facility

RTGS facility will be available 24*7 (Earlier it was 9AM to 4:30 PM). RTGS is a facility to transfer funds from one Bank A/c to another Bank A/c for amounts more than 2 Lacs.

6. Fastag Extension

Fastag last date has been extended from 1 January to 15 February.

7. Saral Jeevan Bima policy

Insurance companies will launch the Saral Jeevan Bima policy which will allow a person to purchase a term plan even at a low premium amount. Companies are introducing this policy as directed by the Insurance Regulatory and Development Authority (IRDA). You can now purchase low amount term insurance from January 1, 2021.

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