From 1 April 2023, there is going to be a big change in banking rules. The Reserve Bank of India (RBI) has decided to implement some new rules, which will directly affect the general public and customers associated with banking services. The purpose of these changes is to make banking services more secure, transparent and consumer-friendly. This step has been taken to promote digital banking and financial transactions as well as to reduce the incidents of fraud.
In this article, we will tell you in detail what changes have been made in these new rules to be implemented from April 1, what is their purpose, and what will the benefit to the customers. Also, we will also know how these changes will affect the everyday life of the common man.
Changes in banking rules from 1 April: Chief Information
The table below presented a summary of banking rules to be implemented from April 1:
| point | Description |
| Applied date | 1 April 2023 |
| Main objective | Make banking services safe and transparent |
| Affected area | All Indian banks and their customers |
| Focus on digital transactions | Yes, to promote digital transactions |
| Measures to prevent fraud | Strong security system and use of new techniques |
| Consumer profit | Easy and safe banking services |
| Major changes | Rules related to credit card, debit card, interest rate, check clearance etc. |
Main Change: Learn what will change?
Credit card and debit card rules
From April 1, many new rules related to credit cards and debit cards will apply. Now card holders will get more protection to use their cards.
- Auto-debit transaction: Now for auto-debit, customers will have to enter OTP (One Time Password) every time.
- International Transaction: If you want to use your card for international transactions, you have to activate it first.
- Limit Settings: Customers can now set the transaction limit on their own card.
Check clearance process
The RBI has also changed the check clearance process. Now Positive Pay System will be compulsory for large amount checks.
- Under this system, the check issuer will have to send the details of the check to the bank in advance.
- This step will help stop the check fraud.
Changes in interest rates
From April 1, many banks have amended their interest rates.
- Some banks have reduced interest rates on savings account.
- At the same time, interest rates have been increased on fixed deposits (FD) so that more people invest.
Promotion of digital transactions
Several steps have been taken to promote digital transactions under Digital India Mission:
- There will be no additional fee on UPI (Unified Payments Interface) transactions.
- Digital payment systems will be made easier for small traders.
ATM Transaction Limit
Changes have also been made in the limit of ATM transactions:
- Now the number of free transactions will be limited.
- Additional fees will have to be paid for crossing the free range.
What will be the benefit of these changes?
These new rules, which come into effect from April 1, aims to provide more secure and convenient banking services to customers. The following are some of its main benefits:
- Fraud will be reduced: Positive pay systems and OTP based transactions will reduce fraud incidents.
- Customers control will increase: With features like card limit settings, customers will be able to keep better control over their expenses.
- Digital transactions will be easier: Cashless economy will be strengthened by promoting UPI and other digital payment systems.
- International transactions will be safe: The activation process for international transactions will make it more secure.
Do you need to do something?
To take advantage of these new rules, customers have to take care of some things:
- Keep your bank account information update updated.
- Understand the process of issuing checks under positive pay systems.
- Set the limit on credit/debit card.
- Keep digital payment apps updated.
conclusion
These new banking rules, implemented by RBI from 1 April 2023, will not only ensure safety of customers but will also provide them better services. These changes will make the banking system more transparent and consumer-friendly.
Disclaimer:
This article is written only for the purpose of providing information. Readers are advised to confirm these rules from their bank or related institution.
