With October beginning today, several financial and non-financial changes are set to take effect. These include changes ranging from the Unified Payments Interface (UPI) to railway ticket booking. These changes will have a direct impact on the general public.
Let’s Learn More About These Changes…
NPCI to Discontinue Pull Transaction Facility: The National Payments Corporation of India (NPCI) will discontinue the person-to-person (P2P) ‘collect request’ or ‘pull transaction’ feature on UPI platforms, including PhonePe, Google Pay, and Paytm. This means that you will no longer be able to request money from someone. This move aims to enhance user security and prevent online fraud.
100% Investment in Equity-Linked Schemes: Non-government subscribers will now be able to invest up to 100% of their pension corpus in equity-linked schemes under the Multiple Scheme Framework (MSF). Previously, this limit was 75%. Additionally, the opening and maintenance fees for PRAN (Permanent Retirement Account Number) have also been revised. Government employees will be charged ₹18 for the e-PRAN kit and ₹40 for the physical PRAN card. The fees will vary for private and government sector NPS subscribers.
Only Aadhaar-verified users will be able to book reserved tickets: From October 1, only Aadhaar-verified users will be able to book reserved tickets for the first 15 minutes after the online reservation window opens. This rule has been announced to prevent misuse and streamline the booking process.
Changes in online gaming rules: To promote transparency, changes will be made to the online gaming rules, effective October 1. This includes rules related to age limits and licensing requirements.
Lockers at PNB will become more expensive: The public sector Punjab National Bank (PNB) is set to increase the fees for its lockers and other services from October 1. This will make locker keeping at the bank more expensive. Additionally, enrollment fees will also increase.
Speed Post will cost more: As of October 1, sending Speed Post through the postal department will incur an additional cost. This is because the department is going to increase the fee for this service. Additionally, Speed Post will be integrated with an OTP-based delivery system. The purpose of this is to deliver Speed Post only after the recipient has been verified.
RBI Launches New Check Clearance Facility: In a major step towards faster payments, the RBI will introduce a continuous check clearing facility from October 4. According to several reports, this facility will be implemented in two phases. The first phase will run from October 4, 2025, to January 2, 2026. The second phase will begin on January 3, 2026.
Banks will remain closed for 21 days: Banks will be closed for 21 days in October, including festivals like Dussehra, Diwali, and Chhath Puja. However, these holidays will vary by state. Therefore, people are advised to plan their banking activities accordingly.
