New Delhi. In April 2024, significant changes are expected to be made to impact financial transactions, including changes in NPS rules, SBI credit card policies, credit card rules, OLA Money wallet services, Fastag KYC requirements and LPG gas prices. The National Pension System (NPS) is set to undergo a transformation with the introduction of an Aadhaar-based authentication system for all password-based NPS users, effective April 1. The move has been announced by the Pension Fund Regulatory and Development Authority (PFRDA). On March 15, the goal is to increase security and streamline access.
SBI Credit Card will stop rewarding point collection on rental transactions for certain cards including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyClick SBI Cards from April 1, 2024. Additionally, credit card rules will be amended to provide complimentary domestic lounge access to users spending Rs 10,000 quarterly or Rs 35,000 quarterly for ICICI Bank credit cardholders, with effect from April 1. Axis Bank credit cardholders will no longer earn reward points for fuel, insurance, and gold purchases starting April 20.
OLA Money Wallet is transitioning to completely restrict wallet load above INR 10,000 per month, along with other limits for small prepaid payment instrument (PPI) wallet services from April 1. Failure to update Fastag KYC by March 31, 2024 may result in difficulty in using Fastag from April 1, as the National Highways Authority of India (NHAI) mandates KYC compliance. Additionally, there may be a change in LPG cylinder prices on April 1, although significant changes are unlikely before the Lok Sabha elections. These changes across various financial sectors will directly impact investment, spending and transaction behavior from April 2024.