Overview
- Most measures take effect on Thursday, October 1, and will not stop routine banking services such as cash withdrawals, deposits or internet and mobile banking.
- The Reserve Bank of India requires banks to publish bulk fixed-deposit rates for single term deposits of ₹3 crore or more each business day by 10:00 a.m., standardizing pricing across branches with limited LCR-linked rate differences.
- State Bank of India will cut free monthly transactions at other banks’ ATMs for salary-package account holders from 10 to five starting October 1, with BSBD accounts retaining four free cash withdrawals per month before charges apply.
- The Pension Fund Regulatory and Development Authority will let Points of Presence charge a one-time onboarding fee of ₹200 per PRAN from October 1, and domestic LPG consumers must complete biometric Aadhaar authentication by the same date to get subsidised refills.
- A revised UPI merchant-discount-rate for specified merchant payments above ₹2,000 is due to start October 15 at about 0.4 percent, but the change is facing a Supreme Court challenge and the court has declined an interim stay while it seeks responses.