Modified RBI Regulations About UPI, Credit Cards, FDs Take Effect From Jan 1, 2025

New Delhi, Jan 3 (KNN) Several significant financial changes have come into effect from January 1, 2025, impacting various banking services, digital payments, and pension disbursement systems across India. 

These modifications encompass revised fixed deposit regulations, enhanced UPI transaction limits, and new credit card lounge access policies.

The National Payments Corporation of India (NPCI) has doubled the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000, following the Reserve Bank of India's regulatory policy announcement from October 2024. 

This enhancement is expected to significantly benefit feature phone users across India who have limited internet access, expanding their digital payment capabilities.

Credit card holders will experience changes in airport lounge access policies, with RuPay implementing a new tiered spending criteria system for complimentary access. 

Similarly, BOBCARD members will face revised domestic lounge access rules, requiring cardholders to meet minimum spending thresholds in the preceding quarter to qualify for free lounge visits.

The Reserve Bank of India has introduced modified regulations for fixed deposits offered by home finance companies and non-banking financial institutions, with the new guidelines taking effect from the beginning of 2025. These changes aim to strengthen the regulatory framework for non-banking financial companies.

In a move to enhance convenience for pensioners, the Employees Pension Scheme has implemented a significant change allowing EPS pensioners to access their pension from any bank branch across India, eliminating the need for Pension Payment Order transfers and simplifying the pension disbursement process.

(KNN Bureau)