Diabytes
Bank transactions News
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CBDT said that producing PAN or biometric Aadhaar will be mandatory.
Individuals will be required to apply for a PAN card at least seven days before making such transactions.
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For auto-debit payments over Rs 5,000, banks and other financial institutions will have to ask customers for second factor authentication.
Before a transaction, banks will send a notification to a customer via SMS and email.
The cardholder will have the option of approving or disapproving the transaction.
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The Reserve Bank of India has come up with new guidelines and further changed the rules of the National Automated Clearing House (NACH).
The new NACH rules showed that the payments such as salary and pensions can be transferred on weekends which is not possible now as it is only available when the banks are open.
Recently, RBI Governor Shaktikanta Das had announced several key financial, economic measures amid the pandemic.
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The large banks in the country including market leader State Bank of India(SBI) have hiked cash transaction charges on deposits and withdrawals, leading to costlier banking.
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Very soon, ATM slips and messages from PSU banks on transactions could be in Hindi, if reports are to be true.
The country's second largest software services firm Infosys Thursday launched a new solution to help banks simplify transaction reconciliation processes.
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