Jan 31, 2024, 05:22 PM IST
From February 1, users must note the important changes that will come into effect for transferring money via IMPS. Users can now swiftly transfer up to Rs 5 lakh online per day using only their name and registered mobile number. Previously, IMPS transactions for large amounts necessitated the inclusion of bank account numbers, beneficiary names, and IFSC codes. Now, solely the name and mobile number suffice. NPCI had notified about this significant alteration via a circular issued on October 31st.
Under the updated NPS regulations, individuals holding NPS accounts can now withdraw a maximum of 25 percent of the total deposited sum. PFRDA unveiled this regulation shift via a notification on January 12, with implementation slated for February 1, 2024. However, withdrawal will be restricted to specific situations such as funding children's education, marriage expenses, purchasing a home, starting a business, and similar circumstances.
Fastag users who haven't completed their KYC by January 31, 2024, will face deactivation of their Fastags by banks starting February 1, 2024, regardless of the remaining balance. NHAI has emphasized that Fastags that are deactivated or blacklisted will be prohibited from crossing toll plazas from February 1.
IMAGE: PEXELS