As we enter into a new year – 2018, many changes and new rules are slated to come into effect from January 1.
Take a look at the important changes which have come into effect from January 1-
Cheque books of these banks not valid from Jan 1
Cheque books of associate banks of State Bank of India and Bharatiya Mahila Bank that were merged with the country’s largest lender last year will not be valid from January 1.
The banks that were merged with the State Bank of India are: State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and BMB. The merger was announced on April 1, 2017.
Cheque books of these banks and BMB were supposed to have been invalid after September 30 but the date was extended to provide more time to customers.
No charges on debit card, BHIM transactions up to Rs 2,000
From January 1, customers will not be charged fees on debit cards, BHIM and UPI transactions up to Rs 2,000.
Merchant Discount Rate (MDR) is applicable on all debit card/BHIM UPI/ AePS transactions up to and including a value of Rs 2000. But now, the government will reimburse the same to the banks for a period of two years.
According to government estimate, the MDR to be reimbursed to the banks would be Rs 1,050 crore in 2018-19 and Rs 1,462 crore in next fiscal.
DBT for fertilizers subsidy
Starting January 1, the government will implement the Direct Benefit Transfer (DBT) of fertilizer subsidy, meaning the subsidy amount will directly be transferred into the bank accounts of the farmers. The government bears about Rs 70,000 cr annually as fertiliser subsidy.
Mobile-Aadhaar number linkage to become easy
The government will now provide more options to the customers of telecos to links their mobile number with Aadhaar card number. Till date, a customer was required to visit the office of his telecom service provider to complete the process. But now, an OTP will be sent to your mobile number, allowing you to verify the Aadhaar details via IVR and online.
DBT for Pradhan Mantri Matru Vandana Yojana
Under the Pradhan Mantri Matru Vandana Yojana (PMMVY), the government is providing Rs 5,000 to all the pregnant women and lactating mothers who have their first pregnancy on or after January 1, 2017.
The benefit amount will now be send directly to the bank account of the beneficiary through DBT mode from January 1 in three instalments.
Aadhaar mandatory for board exams
Aadhaar number has been made compulsory for students appearing for board examinations from this year.