OTPs are needed for many financial transactions.
From December 1, 2024, India will implement several regulatory changes impacting various sectors. These include modifications to curb fake OTPs, changes in Maldives tourism rules and some banks updating their credit card norms. These updates, aimed at improving governance and user security, require individuals and businesses to adapt accordingly. Here's a look at important changes from December 1.
TRAI's new regulation: In a bid to curb dubious OTPs that can give scammers access to people's devices and cause large financial losses, the telecom regulatory authority of India (TRAI) has asked telecom companies to provide message traceability. The deadline to comply with the directive is November 30, 2024. This regulation requires telecom companies to make provisions to trace all the messages. The initial deadline was October 31, but after demands from service operators, TRAI extended it to November 30. If companies fail to comply, users might stop getting OTPs or they will be delayed.
Maldives increasing its departure fees: Maldives, one of the most popular tourist destinations, is hiking the fees it charges tourists who visit the archipelago. For economy-class passengers, the fee will rise from $30 (Rs 2,532) to $50 (Rs 4,220), while business-class passengers will see an increase from $60 (Rs 5,064) to $120 (Rs 10,129). First-class travellers will pay $240 (Rs 20,257), up from $90 (Rs 7,597), and private jet passengers face a significant hike from $120 (Rs 10,129) to $480 (Rs 40,515).
Gas cylinder price: This is expected every month because oil marketing companies (OMCs) revise the price of LPG cylinders on the 1st of every month. In October, gas companies raised the prices of the 19 kg commercial LPG cylinder by Rs 48, while the prices for domestic gas cylinders remained unchanged.
Credit card changes: From December 1, YES Bank will cap the number of rewards points that can be redeemed for flights and hotels. HDFC Bank is also changing lounge access rules for the users of its Regalia credit card. The new rules will require users to spend Rs 1 lakh in each quarter to be eligible for lounge access from December 1. Similarly, State Bank of India and Axis Bank have also revised reward point rules and credit card fees for its various users.