Things To be Changed

Before you start welcoming 2024, there are a few things that you need to know because it will be changed from 1st Jan 2024.

Changes to be done

These changes are mainly from the Banking Sector, Stock Market, Aadhaar Update, and UPI-related, which you will learn in the coming slides.

Bank Locker Agreement

Per the RBI Guidelines IBA formulated, the customer who owns the bank locker needs to renew their bank locker agreement...

Its Last Date

those who have signed the locker agreement on or before 31 December 2022 may renew their bank locker agreement by visiting the bank or digitally before 31 December 2023.

Demat Nomination

This one is important for those in the stock market because they must add a nominee to their Demat account or opt out.

Its Last Date

The investor who fails to do so before its deadline, i.e. 31 December 2023, will no longer be eligible to transact in stocks.

Shut Down of Inactive UPI IDs

NPCI has directed all banks and third-party app providers (Google Pay, Phonepe, Paytm, etc) to deactivate all inactive UPI IDs and numbers.

Deadline

So, if you have any UPI IDs or numbers that have not been used for one year, the same will be deactivated after 31 December 2023.

No Paper-Based KYC Update

Department of Telecommunication (DOT) has announced that the paper-based KYC will be done away from 1st Jan. 2024.

Aadhar Update

Earlier, UIDAI directed all aadhaar card holders to update their aadhaar details by 31 December 2023 free of cost; post this, the user will be charged Rs 50/-.

Date Extended

But now, as per the recent updates, the last date of this service is extended to March 14, 2024.