These new instructions have been issued under RBI KYC (Amendment) Directions 2025. Will be applicable from January 1, 2026. These will be applicable to all customers, including accounts linked to Jan Dhan Yojana, Direct Benefit Transfer (DBT) and Electronic Benefit Transfer (EBT).

What all will change?

RBI found that there is a lot of delay in KYC update, especially in government related schemes. Therefore, now banks will have to play a more active role.

These will be the changes

Before the KYC due date, the bank will have to send notifications at least 3 times before the KYC date, out of which one physical letter must be sent from the post office. The rest of the notifications can be sent via SMS, email or mobile app.

If the KYC is still not updated after the KYC due date, the bank will have to send 3 more reminders, out of which one more physical letter will be required.

It is necessary to provide clear information

Every notification should have simple instructions, methods of help and the consequences of not getting KYC done. All these things should be clear.

Audit trail mandatory

The bank will have to keep a record of every notification, so that it can be audited later.

Relief for rural customers

Keeping in mind the people of rural and remote areas, now the Business Correspondents (BC) of the bank will also be able to help in KYC update.

If the customer’s information is the same as before, or only the address has changed, then he can get his KYC updated by giving a declaration himself. The BC will enter it digitally in the bank system.

Relief to low-risk customers

For low-risk customers, RBI has instructed that

Even if their KYC is pending, the banks will not stop the transaction facility, provided the KYC is updated by June 30, 2026 or within one year of the KYC due date.

Awareness campaign in rural areas

RBI also said that KYC pendency is high in rural and semi-urban areas. Therefore, banks have been instructed to conduct KYC camps and awareness campaigns so that people can get KYC done on time. Rules related to active account and unclaimed deposit have also been added in this revision, but RBI will give more information about them later.

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The growing threat of fake Rs 500 notes…

According to recent reports, fake Rs 500 notes have reached banks and ATM machines. The surprising thing is that even banks and ATM machines equipped with modern technology are not able to identify these fake notes. In such a situation, it has become very important to identify the notes while making cash transactions.

RBI has recently taken this problem seriously and has shared measures to make the public aware and protect them from fake notes. Let us understand in detail how you can identify real and fake Rs 500 notes.

How to identify a fake Rs 500 note?

According to the new RBI guidelines, here are some of the key features to identify a genuine Rs 500 note:

The number “500” printed on the original note is transparent. To see it, look at the note in dim light.

The number “500” is also printed in Devanagari script on the original note.
The historical monument of India, the Red Fort, is printed on the back of the note. The logo and slogan of the Swachh Bharat Abhiyan are also written below this image. The
signature of the RBI Governor is present on the original note.
The note has “Bharat” written in Hindi and “India” in English in small letters.

Concerns related to the problem of counterfeit notes

According to the data provided by RBI, the number of counterfeit notes is increasing rapidly. The presence of counterfeit notes in the market not only causes financial loss but has also become a big problem for the common people. Due to the inability to identify counterfeit notes, people are falling prey to fraud.

What does the new RBI guideline say?

The RBI has advised the public to be cautious in cash transactions and look for the above features to identify fake notes. Apart from this, the RBI has also directed banks to make their systems more accurate and effective so that fake notes can be detected.

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1. Guarantee limit for agricultural loans increased:

The guarantee-free agricultural loan limit has been increased from Rs 1.60 lakh to Rs 2 lakh. Small farmers will get special benefits.

2. Banking services timings will change:

Banks’ working hours will be from 9 am to 5 pm. Online banking will be encouraged.

3. Ration Card Rules:

E-KYC will be mandatory for ration card holders from January 1.

Change in income limit: Families with income above ₹3 lakh in urban areas and ₹2 lakh in rural areas will not be eligible for ration.

4. Interest rates on credit cards will increase:

If the bill is not paid on time, interest rates will increase, which can increase from 30 percent to 50 percent.

5. Changes in GST:

New rules for e-way bill will be applicable, and if the seller does not comply with them. Then the input tax credit of the buyer may be at risk. 18% GST will be applicable on the sale of old cars.

6. Changes in Pension Rules:

Changes will be made in the eligibility criteria for widow and disabled pension. Pension beneficiaries will be reviewed regularly.

7. Amazon Prime Membership Terms:

The price of Amazon Prime membership may increase. Additional services will be provided under the new membership.

8. GST on Popcorn

GST will be applicable on popcorn in malls and cinemas, which can be up to 5%, 12% and 18%.

9. Linking Aadhaar Card and PAN Card:

Linking Aadhaar and PAN card will now be mandatory.

10. Changes in GST slabs:

Changes will be made in the GST slabs on certain goods and services.

11. New Pension Scheme:

A new pension scheme will be launched from January 1, 2025, which will have new rules for beneficiaries.

12. Delivery charges under GST:

18% GST will be applicable on delivery charges associated with online purchases.

13. Changes in public sector banks:

Online services will expand in public sector banks, and physical branches may decrease.

14. Shift towards digital education:

New guidelines will be issued regarding online education, which will benefit maximum students.

15. New rules for students:

Changes will be made to the scholarship and scholarship process.

16. Stock market rules:

New rules will come into effect for investing in the stock market, including changes in transaction fees and taxes.

17. Electricity Bill Change:

Online option for electricity bill payment will be encouraged.

18. Waste Disposal Rules:

New rules will be implemented in waste disposal so that the environment can be protected.

19. Insurance Scheme for Natural Disasters:

The government will launch an insurance scheme for areas affected by natural disasters.

20. Tax Return Filing:

New required documents will be prescribed for filing tax returns, and the process will be made easier.

21. International Travel Rules:

Changes will be made to the visa and passport process for international travel.

22. Smart City Scheme:

Under the new changes in the Smart City Scheme, cities will be made more smart and digital.

23. Changes in petrol and diesel prices:

Flexible changes will be made in petrol and diesel prices.

24. Changes in health insurance:

Changes will be made in the rules of health insurance, so that more and more people can take advantage of it.

25. New subsidy under housing schemes:

Changes will be made in housing schemes and new subsidy schemes will be launched for purchasing houses.

The implementation of all these changes will change daily life across the country. It will be important for you to follow these new rules, so that you can avoid any problems and take full advantage of government services.

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However, there is a condition for this that the depositor will have to cite an emergency for withdrawal. The central bank said in a review of the rules governing NBFCs that no interest will be paid for such premature withdrawal.

The rule will come into effect from January 1, 2025

The Reserve Bank said that these changes will come into effect from January 1, 2025. The Reserve Bank said that based on the definition of critical illness prescribed by the insurance regulator IRDAI, it will be decided whether a request falls under the category of such exemption or not.

Also Read: PNB launched ‘Braille ATM Card’, these customers will get benefit, know what is its specialty?

In which cases will you be able to withdraw the entire amount

The central bank said, “In cases of serious illness, 100 per cent of the principal amount of the deposit can be withdrawn on the request of the depositors within three months from the date of acceptance of such deposits. In this situation, no interest will be paid to the depositors.”

In these situations there will be 50 percent withdrawal

Emergency situations include medical needs or natural disasters. If there is no emergency and premature withdrawal is sought within three months, NBFCs can pay up to 50 percent of the deposit amount without paying any interest. However, this amount cannot exceed 50 percent.

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Along with banks, the biggest impact of this decision will be visible on NBFCs. RBL Bank and SBI Card are likely to suffer the most loss due to this strictness of the Central Bank. However, home, auto, gold and education loans will not be affected by this. Apart from this, interest rates may also increase. RBI has increased the risk weight for banks and NBFCs by 25 percent to 150 percent and 125 percent respectively.

Worst effect on RBL Bank-SBI card

SBI Card and RBL Bank are going to suffer the most due to RBI’s strictness on personal loans. The share of unsecured loans in SBI Card’s business is 100 percent and for RBL Bank it is 31.8 percent. According to market experts, the new rules will have a very bad impact on the business of these companies. Apart from this, the business of NBFC will also be negatively affected. On Friday, RBL Bank’s share fell by 9.5 percent and SBI Card’s share fell by 6.7 percent in the stock market.

NBFCs were heavily distributing personal credit card loans.

A few days ago, the Reserve Bank had warned banks about the danger of increase in unsecured personal loans. Last month, while presenting the monetary policy, RBI had expressed concern about the increasing personal loans in the country and said that banks should try to reduce it. RBI Governor Shaktikanta Das had advised banks and NBFCs to strengthen their surveillance systems, deal with increasing risks and take security steps.

In talks with senior officials of banks and NBFCs, he had expressed concern over the increase in personal and credit card loans. No guarantee is kept from the customer against the personal loan. Therefore, RBI was worried about the huge increase in it. NBFCs were distributing more such high risk loans.

Credit card dues and personal loans increased rapidly

Till September, personal loans have increased by 25 percent on annual basis. It has reached Rs 12.4 lakh crore. Credit card dues have been increasing rapidly since last few years. On year-on-year basis, credit card outstanding has increased by 30 percent to Rs 2.17 lakh crore by the end of September 2023.

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Two lakh rupees of the customer were kept in the locker of Punjab National Bank. When he reached to withdraw his money, the notes were licked by termites. In such a situation, the question arises that if something untoward happens with your money kept in the locker, then someone is responsible for it. The answer to all these incidents is the new locker rules, which have come into force from February 1, 2023.

These are the new rules of Reserve Bank of India

According to the new locker rules of the Reserve Bank of India, if any item kept in the locker is damaged due to the negligence of the bank, then it will be the responsibility of the bank. It is the responsibility of the Bank to take necessary steps for the security of the premises. If the goods kept in the locker are damaged due to the negligence of the bank, then the bank will have to pay compensation. This compensation will be 100 times the rent of the locker for one year. During the loss, the banks cannot say that they do not have any responsibility.

Compensation will not be given in these cases

Bank will not be responsible if the locker is damaged due to natural calamity like earthquake, flood, storm etc. Apart from this, the bank will not be responsible even if the cash etc. kept in the locker of the bank is damaged due to the customer’s own fault. However, if there is a fire or theft due to the negligence of the bank, then the bank will be responsible for it. Apart from this, if any employee of the bank embezzles money or commits fraud, then also the bank will be responsible.

Let us tell you that the Reserve Bank of India had advised all the banks to renew the locker agreement of the existing customers of the banks from January 1. Along with this, the bank was asked to ensure that there should not be any unfair condition or terms in the agreement.

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