From mandatory FASTag to Positive Pay system to new life insurance policy, what changes from Jan 1
New Delhi | Jagran Business Desk: From January 1 there will be a lot of changes which will affect the common man, starting from financial transactions to compulsory FASTag on vehicles. From January 1, banks from all over the country will also start 'Positive Pay' system for checks paying more than Rs 50,000. The Mutual Funds equity investments will also witness an increase from 65 per cent to 75 per cent from the new year.
Also, the insurance policymakers will introduce a new Saral Life Insurance policy, through which a person can get a term plan at a lower premium and the terms and conditions of all insurance companies will be same for this policy. In this article, we will know in detail the changes which will come into effect from January 1, 2021.
Positive Pay system will be introduced for secure check payments
According to the instructions of the Reserve Bank of India, the positive pay system will be implemented in banks for checks paying more than Rs 50,000. This facility will help prevent ever-increasing fraud in check payments. Positive Pay System is an automated tool that will check the frauds in check payments. Under this, the person who will issue the check will have to re-inform the date of the check electronically, the name of the beneficiary, the recipient and the amount of the payment. After this, this information will be cross-checked before the check payment. If there is any problem in this, the payment will not be made from the check and the bank branch will be informed about it.
Transactions up to Rs 5,000 without swiping your credit-debit card
To boost digital payments, the Reserve Bank of India is going to increase the limit of transactions without swiping from credit/debit cards to Rs 5,000 from January 1, 2021.
Mandatory FASTag on vehicles
FASTag will become mandatory for all four-wheel vehicles from January 1. Other banks, including SBI, have completed preparations for making more and more facilities for making FASTag easily available. FASTag will be required for new vehicles as well as vehicles sold after December 1, 2017. It will also be mandatory to keep a minimum of Rs 150 in Fastag account from January 1.
Mutual fund to raise equity investment limit from 65 to 75 per cent
The investment limit in equity was 65 per cent earlier by mutual funds. Market regulator SEBI has made some changes in the mutual fund rules, raising the investment limit in equity to 75 per cent from January 1, to protect the interest of investors.
Introduction of new 'Saral Life Insurance' policy
Insurance regulator IRDA has directed all insurance companies to introduce 'Saral Life Insurance Policy' from January 1, 2021. In this new policy, a minimum sum assured of Rs 5 lakh and a maximum of Rs 25 lakh will be available. In this insurance policy, you will get an opportunity to buy a term plan at a lower premium and the terms and conditions of all insurance companies will be the same for this policy. Having a standard product will make it easier for customers to make decisions based on the information already given. This will increase the trust between the insurer and the customer, which will reduce the possibility of a dispute at the time of claim.
(Disclaimer: This story has been updated with the latest information)
Posted By: Talib Khan