Here are 4 personal finance changes that could take place starting October 1
October 2022 is significant from a personal finance perspective, as a host of changes are set to come into effect, ranging from new debit/credit card rules to two-factor authentication for demat accounts.
Here is a list of major expected changes:
New credit and debit card rules
Tokenization is the process of transforming sensitive data into “non-sensitive” data called “tokens”. Therefore, the platforms will not be able to store a buyer’s card credentials in any form. With the new RBI order, a buyer will have to enter all their card details when they buy something.
Two-factor authentication of demat accounts
According to the National Stock Exchange (NSE), members should preferably use biometrics as one of the authentication methods to log into their Demat accounts. The other can be a “knowledge factor” – something only the user knows, like a password or PIN, or a “possession factor”.
Taxpayers will not be able to join Atal Pension Yojana
Appointment rules for mutual fund investors
In the case of online submissions, AMCs have been allowed to validate forms also via two-factor authentication (2FA) in which one of the factors must be a one-time password sent to the unitholder at his email/phone address. number registered with the AMC.
First post: STI