Starting November 1, 2024, several significant regulatory changes in India will impact daily financial transactions and travel. The Reserve Bank of India (RBI) is launching a new framework for Domestic Money Transfers (DMT) to enhance the efficiency and availability of banking and payment options. This update aims to modernize DMT services by improving Know Your Customer (KYC) processes and adapting to the evolving digital landscape.
In the credit card sector, the State Bank of India (SBI) will introduce new charges for utility payments, effective December 1, 2024. Finance charges for unsecured credit cards will increase to 3.75% per month, with a 1% fee applied to utility payments exceeding Rs. 50,000 within a billing cycle. Similarly, ICICI Bank will revise its credit card fee structure starting November 15, affecting airport lounge access, late fees, and fuel surcharge waivers, while also limiting the fuel surcharge waiver for expenses above Rs. 100,000.
Additional changes include a deadline for investing in Indian Bank’s “Ind Super” fixed deposit scheme, set for November 30, 2024, which offers varying interest rates based on customer categories. Indian Railways will also reduce the advance booking period for train tickets from 120 days to 60 days. Furthermore, the Telecom Regulatory Authority of India (TRAI) will enforce message traceability for all transactional and promotional messages to combat fraud, while LPG cylinder prices may be adjusted in accordance with monthly reviews by petroleum companies.
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