<ul><li>The last date for updating your <keyword id="20195587" type="General" weightage="100" keywordseo="FASTag-KYC" source="Orion">FASTag KYC</keyword> is Wednesday, January 31.</li><li>The <keyword id="3005928" type="General" weightage="20" keywordseo="FASTag" source="Orion">FASTag</keyword> of users who do not update their KYC may be deactivated or blacklisted.</li><li>Here is the process you need to follow to update your FASTag KYC, including documents required.</li></ul> FASTag has made it easier to make toll payments and pay for parking at several places such as airports. However, if you have been using a FASTag with your vehicle, you may need to update your Know Your Customer (KYC) information. The National Highway Authority of India (NHAI) had announced a deadline of January 31 to update KYC details for FASTag users. As per NHAI, the FASTag of users who do not update their KYC may be deactivated or blacklisted by banks. "NHAI has taken this initiative after the recent reports of multiple FASTags being issued for a particular vehicle and FASTags being issued without KYC in violation of RBI’s mandate," said NHAI. <cmsannotation type="cmsannotation" annotationid="Documents required to update FASTag KYC" comment="subhead" text="Documents required to update FASTag KYC">Documents required to update FASTag KYC</cmsannotation> Here are the documents you need to update the KYC of your FASTag: <ul><li>Vehicle registration certificate</li><li>ID proof</li><li>Address proof</li><li>Passport-size photograph</li></ul><cmsannotation type="cmsannotation" annotationid="How to update your FASTag KYC" comment="subhead" text="How to update your FASTag KYC">How to update your FASTag KYC</cmsannotation> Once you have all the above documents in place, follow the below steps to update your KYC: <ul><li>Go to the FASTag website by clicking <a href="http://fastag.ihmcl.com">here</a>.</li><li>Now, click on the “Login” button on the top right corner.</li><li>Enter your mobile number and click on “Get OTP”.</li><li>Now, enter the OTP, type the captcha and then click on “Login”.</li><li>Then, click on “My Profile” in the Dashboard.</li><li>You can now check the KYC details of your FASTag and complete the process if your KYC is pending.</li></ul>If your KYC needs to be updated, you can do so easily by providing the above-mentioned documents. FASTag has become essential if you wish to travel on highways, and with the Nitin Gadkari-led Transport and Highways Ministry pushing for FASTag and mulling satellite-based tolling systems, it is important to keep a functional FASTag. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-12-pro-plus-vs-redmi-note-13-pro-plus-price-specs-and-features-compared/slidelist/107266344.cms">Realme 12 Pro Plus vs Redmi Note 13 Pro Plus – battle of the new mid-range smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/ril-has-the-20-lk-cr-milestone-in-sight-after-biggest-one-day-gain-in-over-3-years/slidelist/107251135.cms">RIL has the ₹20 lk cr milestone in sight after biggest one day gain in over 3 years</a> <a href="https://www.businessinsider.in/business/auto/news/porsche-macan-ev-arrives-in-india-to-take-on-mercedes-and-audi/slidelist/107261991.cms">Luxury EV new entrant – After Mercedes and Audi, India has the Porsche Macan</a>

FASTag KYC last day – How to update, documents required and more

<ul><li>If you have opted for the old tax regime, you can still make several tax-saving investments before March 31 </li><li>If you missed filing the original tax return during previous years you can still file an updated one by March 31. </li><li>Certain government schemes like the (NPS), Sukanya Samriddhi, and PPF require minimum investments to be made by March 31. </li></ul>March 31 is the end of the financial year and is often a busy time for accountants and bankers. Even if you are not one, don’t let yourself relax, for there are a few crucial things to complete before this upcoming <keyword id="43355" type="General" weightage="20" keywordseo="deadline" source="Orion">deadline</keyword> to keep your personal finances in order. We look at five such financial tasks you should complete before the financial year draws to a close. <keyword id="4824048" type="General" weightage="20" keywordseo="last-minute" source="Orion">Last-minute</keyword> tax-saving investments Your deadline to provide proof of tax-saving investments to your employer may have already passed, but if you have opted for the old tax regime, you can still make several tax-saving investments. First, there is a host of <keyword id="35453" type="General" weightage="20" keywordseo="tax-saving" source="Orion">tax saving</keyword> options under section 80C of the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> act- Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC), Unit Linked Insurance Plans (ULIPs) and principal payment on your home loan, among others. Apart from these, you can also save taxes on medical premiums under section 80D, on interest paid for a home loan, under section 24B and so on. However, remember that you should have a plan in place and not randomly invest for the sake of tax savings. Make sure you consult a professional advisor if you are not well-versed in tax and investment planning. Tax harvesting This strategy involves taking advantage of investments that are currently in decline. The idea is to sell these investments before the end of the financial year (March 31) to "lock in" the loss for tax purposes. These losses can then be used to offset any capital gains you've earned on other investments throughout the year. The more capital gains you can offset, the lower your overall tax liability will be. Say you bought Company ABC for ₹10,000 but it's now down to ₹8,000. Selling it locks in a₹2,000 loss to offset any capital gains you have (like ₹5,000 from other stocks). This reduces your taxable gains, potentially lowering your taxes. Note that this technique is useful only if you have realised capital gains this financial year, not notional gains. Filing updated tax returns If you missed filing the original tax return during previous financial years, you can still file an updated one by March 31. Updated tax returns can be filed for the assessment years 2021-22, 2022-23, and 2023-24. An updated tax return can be filed when the taxpayer did not file an original return, did not file the return by the belated deadline, or when they want to modify the original return and declare income currently. Other reasons for filing an updated return could be if the taxpayer had filed a return with incomes under the wrong head and so on. However, an updated return cannot be filed when the taxpayer has already filed an updated return earlier. Minimum investments to NPS, PPF and SSY Certain government schemes like the National Pension Scheme (NPS), Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) require minimum investments to be made every year before the March 31 deadline. It is ₹1,000 for NPS Tier 1 accounts, ₹500 for PPF accounts and ₹250 for SSY accounts. If the minimum payment is not made the account will be blocked and you may need to pay a penalty to activate them again. So it is important to make sure that you have made the required minimum payments by the financial year's end if you have not made any contributions otherwise. Update FASTag KYC If you are a FASTag user, the National Highways Authority of India (NHAI) has set a deadline of March 31, 2024, for updating FASTag KYC. Users who have not yet completed their KYC should do so as soon as possible. Users who do not complete FASTag KYC will be unable to recharge Fastag after March 31 and may have to shell out additional money during their journey.

Last-minute rush: 5 things to do before March 31

The Government of India has mandated all the vehicles running on the Indian roads to get <keyword id="3005928" type="PERSON" weightage="20" keywordseo="FASTag">FASTag</keyword> by December 1, 2019. FASTag is developed by the National Payments Corporation of India (NPCI) as part of the National Electronic Toll Collection (NETC) program. FASTag facilitates direct toll payments by deducting the toll fee from the linked account of the customer. With the date for affixing FASTag nearing, here are a few FAQs that will help you ensure compliance better. What are the benefits of FASTag? FASTag can rule out the need to wait at the long queues at the toll plazas. Some of the benefits of FASTag include promoting digital payment among the toll users, reducing pollution due to the vehicles waiting at the toll plazas and saving the time of the toll users. How to recharge FASTag? The user can recharge the FATag account online through credit card / debit card / NEFT / RTGS or Net Banking. PayTm also provides the facility to recharge FASTag. What happens if there is no adequate balance in FASTag? It is the customer’s responsibility to maintain adequate balance in the FASTag. Failing to maintain enough balance, the corresponding FASTag will be blacklisted at the toll plaza and the customer will not be able to avail of the NETC services. Hence he or she must make the toll fee in cash. This will mean that FASTag without sufficient balance is as good as a useless paper. Where can I purchase FASTag? You can purchase FASTag at any one of the NETC member banks. Some of these banks provide online facility to apply for FASTag. Once you complete the online application and submit, you can visit the said bank physically to produce the necessary supporting documents to get a new FASTag subscription for your vehicle. What documents need to be submitted for new FASTag registration? The documents you will need for new FASTag subscription include the vehicle’s registration certificate, vehicle owner’s passport size photograph and KYC documents of the vehicle owner for address and identity proof. What is the price of FASTag? The FASTag issuance charges may differ between the issuing agencies. However, the one-time joining fee is Rs 200. Where to put the FASTag on my vehicle? Once the tag account is active, you must fix the FASTag sticker to the windscreen of your vehicle. What is the penalty for not using FASTag? The National Highways Authority has directed the zonal offices to levy double toll fee as the penalty for vehicles not having FASTag. This will mean 100% penalty for not having FASTag. The rule reads thus, “User of the vehicle not fitted with FASTag entering the FASTag lane of the toll plazas shall pay a fee equivalent to two times of the fee applicable to the category of vehicle as per sub-rule (2) of rule 4.” Can FASTag be transferred to another vehicle? FASTag is vehicle specific and completely linked to the particular vehicle for which it is originally bought. It cannot be transferred to any other vehicle. How will I get to know the transactions through FASTag? When your vehicle passes through the toll plaza and your FASTag account is debited, you will get SMS alert on the registered mobile number. Do two wheelers need FASTag? Two-wheelers and three-wheelers do not need FASTag. It is essential only for four wheelers that need to pay the toll fee.

FASTag Deadline Is Nearing And Here Are A Few FAQs To Ensure Compliance

The deadline for paying the toll charges through FASTag has been extended to December 15, 2019, whereas the earlier deadline was December 1, 2019. While the government has given some additional time for the vehicle owners to make a switchover to this system, those vehicles crossing the toll plazas without FASTag after December 15 will have to incur twice the toll charges. This being announced, now the vehicle owners are desperately hunting for the required info <ol><li>What is FASTag system FASTag is a method of electronically paying the toll charges while the vehicles pass through the toll plazas located at the National Highways all over India. FASTag works on radio frequency identification technology that can automatically debit the toll charges applicable to the given vehicle from the linked account of the vehicle owner. Having FASTag affixed to the windshield of your vehicle will mean you will not have to stop at the toll plazas in long queues for paying the toll charges. This will make the process much easier. It is quite easy to buy, use and recharge FASTag and the whole system works in a similar fashion to the concept of mobile wallet. 
</li><li>Where to buy FASTag FASTag, the electronic toll collection tags are made available by the government through various providers like PayTM, fuel stations, banks and others. You can also buy FASTag from Amazon or any toll plaza. Talking of banks that offer FASTag, we can list out entities like Kotak Mahindra, ICICI, HDFC and others. If you wish to buy a new FASTag, you need to carry an ID proof, address proof, and vehicle registration documents. The National Highways Authority of India has requested the banks to offer FASTag free of charges. However, only a few banks have implemented the instructions. Here is an overview of the discounts available on FASTag from different banks so that you can make informed decisions while buying FASTag. 
</li><li>how much discount by PayTM for fastag PayTm charges one-time fee of Rs. 100 (tag fee) to issue FASTag. The other charges payable are a security deposit of Rs. 250, and a threshold amount. The threshold amount depends on the type of vehicle. For instance, the threshold amount for light commercial vehicles is Rs.150 and it is Rs. 200 in case of LCV’s with 2 axles.
</li><li>how much discount by HDFC Bank for fastag When you buy FASTag from HDFC bank, there is no tag joining or one-time fee till 31 December 2019 as the banker’s site says. Security deposit is Rs. 200 with the threshold amount calculated depending on the vehicle. Threshold amount for LCV is 100 and for LCV with 2 axles, it is Rs. 200.
</li><li>how much discount by ICICI Bank for fastag When you buy FASTag from ICICI, you will have to pay Rs. 499. The break up is as follows. Tag joining fee is Rs. 99.12 which includes GST. The security deposit is Rs. 200 and the minimum recharge amount is Rs. 200. A small convenience fee is applicable for online recharges.
</li><li>how much discount by SBI Bank for fastag With SBI, the FASTag issuance fee is Rs. 100 for all categories of vehicles. The minimum security deposit depends on the type of vehicle. For LCV, the security amount is Rs. 200 and for LCVs with 2 axles, it is Rs. 300. The minimum balance is Rs 100 and Rs 140 respectively in these cases. 
</li><li>how much discount by Kotak Mahindra Bank Kotak Mahindra Bank has waived off the one time joining fee or tag fee till 15 January 2020. The tag deposit is Rs. 200 and the threshold amount is Rs 200 in case of LCV. In case of LCVs with 2 axles, the tag deposit is Rs. 300 and the threshold amount is Rs 200.
</li></ol>

Fastag offers: Here's a quick guide to the discounts offered on Fastag by different banks

New Delhi, Shares of One97 <keyword id="20449791" type="General" weightage="20" keywordseo="communications-ltd" source="keywords">Communications Ltd</keyword>, the owner of the Paytm brand, fell 5 per cent to hit a lower circuit limit in the late morning trade on Wednesday. The stock declined 4.99 per cent to Rs 406.15 -- its lower circuit limit -- on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. It fell 4.99 per cent to hit the lower circuit limit of Rs 406.20 on the NSE. Shares of One97 Communications had hit upper circuit limits on Tuesday, Monday, and Friday. <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as part-time non-executive chairman of <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> Limited and the board of the bank has been reconstituted, a filing said on Monday, adding that PPBL will commence the process of appointing a new chairman. The dramatic turn of events assumes significance in the backdrop of <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s crackdown on Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action, the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 -- a deadline that was later extended to March 15. One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

Paytm shares fall 5% to hit lower circuit limit

New Delhi, Shares of One97 Communications Ltd, which owns and operates <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword>, on Friday, jumped 5 per cent after the company said the board has approved the discontinuation of inter-company pacts with <keyword id="19907220" type="General" weightage="20" keywordseo="paytm-payments-bank" source="keywords">Paytm Payments Bank</keyword> to reduce dependencies. The stock climbed 5 per cent to Rs 425.45 -- its upper circuit limit -- on the BSE after falling in the past three trading days. Shares of the company had fallen by 5.31 per cent in the last three days. The stock jumped 4.99 per cent to Rs 423.45 -- the upper circuit limit -- on the NSE. In traded volume terms, 7.97 lakh shares of the company were traded on the BSE and over 46.64 lakh shares on the NSE during the day. Amid <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s action on its associate firm, One97 Communications on Friday said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies. The move assumes significance as <keyword id="20410154" type="General" weightage="20" keywordseo="paytm-payments-bank-limited" source="keywords">Paytm Payments Bank Limited</keyword> (PPBL) is under the RBI's lens over persistent non-compliance and continued material supervisory concerns. In a filing on Friday, One97 Communications said the company and its associate entity, Paytm Payments Bank Limited, have introduced additional measures to strengthen their approach towards independent operations of PPBL. "As part of this process to reduce dependencies, Paytm and PPBL have mutually agreed to discontinue various inter-company agreements with Paytm and its group entities," the BSE filing said. Also, the <keyword id="20791583" type="General" weightage="20" keywordseo="sha" source="keywords">sha</keyword>reholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to support PPBL's governance, it added. The Board of OCL (One97 Communications Ltd) approved the termination of agreements and amendment of SHA on March 1, 2024. Paytm had announced earlier that it would sign up new partnerships with other banks and take measures to provide seamless services to its customers and merchants. In a regulatory action in January, the RBI barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags, and other instruments after February 29 -- a deadline that was later extended to March 15.

Paytm shares jump 5%, hit upper circuit limit

New Delhi, Shares of One97 Communications Ltd, the owner of the Paytm brand, jumped another 5 per cent on Tuesday to hit the highest trading permissible limit for the day. The stock climbed 4.98 per cent to Rs 449.30 -- its upper circuit limit -- on the BSE even after a muted opening to the trade. Shares of the fintech firm exhibited highly volatile trends falling to the day's low of Rs 413.55. Later, the stock bounced back and quoted 1.18 per cent higher at Rs 433. At the NSE, shares of the company rallied 4.99 per cent to reach the highest trading permissible limit for the day at Rs 449.50 despite a weak beginning. Shares of One97 Communications had hit upper circuit limits on Monday and Friday as well. <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword> has stepped down as part-time non-executive Chairman of Paytm Payments Bank Limited and the board of the bank has been reconstituted, a filing said on Monday, adding PPBL will commence the process of appointing a new chairman. The dramatic turn of events assumes significance in the backdrop of RBI's crackdown on the Paytm Payments Bank over persistent non-compliance and continued material supervisory concerns. Last month, in a regulatory action the central bank barred PPBL from accepting fresh deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29 -- a deadline that was later extended to March 15. In a release on Monday, One97 Communications informed that its associate entity Paytm Payments Bank Limited (PPBL) has reconstituted its Board of Directors with the appointment of former chairman of Central Bank of India <keyword id="20737456" type="General" weightage="20" keywordseo="srinivasan-sridhar" source="keywords">Srinivasan Sridhar</keyword>, retired IAS officer <keyword id="20737457" type="General" weightage="20" keywordseo="debendranath-sarangi" source="keywords">Debendranath Sarangi</keyword>, former executive director of Bank of Baroda Ashok <keyword id="20105178" type="General" weightage="20" keywordseo="kumar-garg" source="keywords">Kumar Garg</keyword>, and former IAS officer <keyword id="20743301" type="General" weightage="20" keywordseo="rajni-sekhri-sibal" source="keywords">Rajni Sekhri Sibal</keyword>. They have recently joined as independent directors, it elaborated. One97 Communications Ltd (OCL) is the owner of the Paytm brand. One97 Communications holds 49 per cent of the paid-up share capital (directly and through its subsidiary) of PPBL. Vijay Shekhar Sharma has a 51 per cent stake in the bank.

Paytm shares hit fresh upper circuit limit; jump 5%

New Delhi, Shares of One97 Communications which owns <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> brand hit the upper circuit for the fourth consecutive session on Wednesday. The stock of the fintech major climbed 5 per cent each to Rs 395.25 and Rs 395.05 per piece -- its upper circuit limit -- on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> and NSE, respectively. In the morning session, the 30-share BSE Sensex gained 27.95 points or 0.04 per cent to 73,085.35, while Nifty of the NSE slipped 15.75 points to 22,181.20. The Paytm scrip has rebounded since Friday and gained more than 21 per cent from Thursday's closing level of Rs 325. The rally in shares of One97 Communication came amid reports that the Directorate of Enforcement (ED), which has been probing crisis-hit fintech company's arm <keyword id="20403330" type="General" weightage="20" keywordseo="paytm-payments-bank-ltd" source="keywords">Paytm Payments Bank Ltd</keyword> (PPBL), has not found any breaches of the foreign exchange rules so far. However, the central agency has found certain lapses in Know-Your-Customer (KYC) norms as well as issues around generation of suspicious transaction report. Last week, ED had initiated a probe into overseas transactions by PPBL for allegedly flouting foreign exchange rules. Shares of One97 Communications surged 5 per cent on Tuesday, a day after hitting the upper circuit limit on Monday. On Friday, shares of Paytm rebounded after three consecutive days of fall amid the company coming under the regulatory scanner for various violations related to its payments bank business. One97 Communication stock has taken a beating on the exchanges this month after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>'s (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) action against the company's arm PPBL. As per the January 31 order, the RBI asked PPBL to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15. One97 Communications holds a 49 per cent stake in PPBL but classifies it as an associate of the company and not as a subsidiary.

At ₹395, Paytm shares hit upper circuit for fourth straight session

New Delhi, An advisory committee, set up by <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> owner One97 Communications after the Reserve Bank's action on its payments bank business, is at a stage of engagement with the company on matters related to the terms of reference for the panel, the panel's head and former chairman of <keyword id="20726918" type="General" weightage="20" keywordseo="sebi-m-damodaran" source="keywords">Sebi M Damodaran</keyword> said. "We have been engaging with the group on matters relating to the Advisory Committee's terms of reference," <keyword id="19987838" type="General" weightage="20" keywordseo="damodaran" source="keywords">Damodaran</keyword> said on Sunday in response to a query about his engagement with Paytm. He said that the panel members are external advisors and at present Paytm is engaged in dealing with the RBI. On January 31, the RBI asked PPBL (Paytm Payments Bank Ltd) to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15. Paytm on February 9 announced setting up of a group advisory committee headed by Damodaran. The committee was set up to advise the company on strengthening compliance and on regulatory matters. Meanwhile, the Reserve Bank on Friday asked the National Payments Corporation of India (NPCI) to examine the possibility of migrating Paytm Payments Bank customers using the UPI handle '@paytm' to 4-5 other banks, in a bid to prevent any disruptions in the payment ecosystem. Damodaran was speaking at the release of his biography 'The Turmeric Latte' compiled by one of his former colleagues. During a panel discussion at the event, when he was asked about his views on the functioning of Sebi at present, Damodaran said the capital markets regulator has bandwidth problems with respect to the large amount of issues that it has to handle. "Sebi has a huge challenge. The bandwidth seems inadequate to tackle the large number of issues that they have to tackle. In the process, it sometimes feels like they are biting more than they can chew," Damodaran said. The book, curated by former <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword> cadre IAS officer Dinesh Tyagi who last served as Managing Director of CSC E-Governance, has contributions from former colleagues of Damodaran including former mines secretary <keyword id="20036216" type="General" weightage="20" keywordseo="sushil-kumar" source="keywords">Sushil Kumar</keyword>. The book also mentions about "threats" received by Damodaran, when he was the joint secretary in the information and broadcasting ministry, for some decisions taken by him.

Paytm advisory panel discussing terms of reference with company: Damodaran

New Delhi, Shares of <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> owner One97 Communications jumped 5 per cent in the morning trade on Monday after Reserve Bank asked retial payment settlement body NPCI to examine the possibility of migrating Paytm Payments Bank customers using '@paytm' <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> handle to other banks. The stock of crisis-hit fintech company climbed 5 per cent each to Rs 428.10 and Rs 427.95 apiece -- also its upper circuit limit -- on the NSE and BSE. In the morning trade, the 30-share BSE Sensex benchmark slumped 288.71 points or 0.39 per cent, while NSE Nifty fell 71.55 points to 22,141.15. On Friday, the scrip of One97 Communications rallied 5 per cent and locked in upper circuit limit on the BSE. In a bid to prevent any disruptions in the payment ecosystem, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) on Friday asked the National Payments Corporation of India (NPCI) to examine the possibility of migrating Paytm Payments Bank customers using the UPI handle '@paytm' to 4-5 other banks. The central bank came out with additional steps for the benefit of customers, wallet holders and merchants who are availing banking services from Paytm Payments Bank, which has been barred from accepting deposits and credits after March 15, 2024. As the PPBL cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to ensure seamless digital payments by UPI customers using '@paytm' handle operated by the bank, and minimise concentration risk in the UPI system by having multiple payment app providers, the RBI said in a statement. "NPCI has been advised by the RBI to examine the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app, as per the norms," it said. Meanwhile, an advisory committee, set up by One97 Communications after the Reserve Bank's action on its payments bank business, is at a stage of engagement with the company on matters related to the terms of reference for the panel. The panel's head and former chairman of <keyword id="20726918" type="General" weightage="20" keywordseo="sebi-m-damodaran" source="keywords">Sebi M Damodaran</keyword> on Sunday said, "We have been engaging with the group on matters relating to the Advisory Committee's terms of reference." He said that the panel members are external advisors and at present Paytm is engaged in dealing with the RBI. On January 31, the RBI asked PPBL (Paytm Payments Bank Ltd) to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29. Later, the central bank extended the deadline till March 15. Paytm on February 9 announced setting up of a group advisory committee headed by <keyword id="19987838" type="General" weightage="20" keywordseo="damodaran" source="keywords">Damodaran</keyword>. The committee was set up to advise the company on strengthening compliance and on regulatory matters. One97 Communications Ltd (OCL) holds a 49 per cent stake in PPBL.

Paytm shares hit upper circuit again at ₹428

<ul><li>RBI announced some changes in the banking rules in the country. </li><li>The latest modifications in the banking system will take effect in January 2020. </li><li>Here are the important changes you need to know regarding financial transactions, EPF, Insurance, Hallmark, FASTag and Aadhaar linking in India. </li></ul>The Reserve Bank of India (RBI) is the authority that issues the rules and regulations that govern the banking sector. It is mandatory for all the banks in the country to implement the changes announced by the RBI, which helps provide uniform customer experience. Here are the latest guidelines and changes that take effect in January 2020. NEFT charges will be rolled back As per the new RBI guidelines, banks must <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/from-january-2020-banks-cannot-charge-you-for-online-neft-transactions/articleshow/71970375.cms?from=mdr">stop charging customers a fee for transacting using the NEFT</a> (National Electronic Funds Transfer) system. This measure is intended to encourage digital transactions among the users. Statistics show digital payments accounted for over 96% of the total non-cash retail payments done from October, 2018 to September 2019. OTP to withdraw cash from ATM India’s largest bank SBI says the customers transacting on the ATMs from January 2020 will have to input an OTP sent by the bank on their registered mobile phones to complete the transaction. It means users will have to carry their mobile phones while using ATMs. This measure is implemented to prevent fraudulent transactions and enhance the security measures while using ATMs. <div type="Article" hostid="261" msid="72994722" title="Bank Holidays January 2020: Complete list of bank holidays January 2020 to help you plan your financial activities" mstype="2" mssubtype="0"></div>

 No MDR charges for transactions on RuPay and UPI platforms The Department of Revenue is to announce RuPay and UPI as the prescribed mode for paying while transacting digitally. The finance minister Nirmala Sitaraman said <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/no-mdr-charges-applicable-on-payment-via-rupay-upi-from-jan-1-sitharaman/articleshow/73008967.cms?from=mdr">there will not be any MDR (Merchant Discount Rate) charges</a> while using these platforms for transactions. You can choose to lower your EPF contribution With the bill successfully passed in the Parliament, the government has decided to let employees lower their EPF contribution if they choose to. About 12% of their basic is deducted at present from the salaries of the employees for depositing in EPF. The said revision in the rule enables employees take more salary to their homes, if they want. General insurance policy premiums will cost more The New Year might also see <a href="https://www.moneycontrol.com/news/business/personal-finance/heres-why-your-general-insurance-premium-may-rise-by-10-15-after-january-1-4655291.html">general insurance premiums go up</a> by 10 to 15% on account of the rise in reinsurance rates. Reinsurance rate is the rate that the insurance providers must pay for securing a cover. The rise in reinsurance costs will mean the premiums will cost more. Health insurance providers who are under the pressure to cover additional ailments, are looking forward to increase the health insurance premiums from 10 to 15% in 2020. <div type="Article" hostid="261" msid="72975148" title="Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more" mstype="2" mssubtype="0"></div>

 SBI loan interest rates will come down After the RBI reviewed its monetary policy in December, SBI became the first bank to cut its external benchmark rate by 25 basis points. While the revised benchmark lending rate of 7.8% is taking effect from 1 January 2020, the borrowers will see the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/sbi-reduces-its-external-benchmark-rate-by-25-bps/articleshow/73024749.cms">home loan interest rates come down to 7.9% a year</a> from the previous 8.15%. The interests of other kinds of loans will also come down a bit in the New Year. Hallmarking becomes mandatory for jewelry From January 15, 2020, the government has said <a href="https://www.businesstoday.in/current/economy-politics/govt-set-to-make-gold-jewellery-hallmarking-mandatory-from-january-15/story/391310.html">hallmarking is mandatory on jewelry</a>. Nevertheless, the government has allowed a lean period of one year to ensure compliance with this new rule giving time for establishing new hallmarking centers across the country and also to clear existing jewelry stocks with the merchants. This move is expected to tackle the quality concerns and thereby boost demand for gold in India which is the second largest gold market of the world. <div type="Article" hostid="261" msid="73030004" title="What is UPI and how does it work?" mstype="2" mssubtype="0"></div>

 3 months extension given to link Aadhaar with PAN card The government’s latest announcement on the subject says the last date to link Aadhaar card with PAN card is extended for three more months from <a href="https://www.businesstoday.in/current/economy-politics/pan-aadhaar-linking-deadline-extended-by-3-months-to-march-31/story/392888.html">December 31, 2019 to March 31, 2020</a>. This is the second time that the government is extending this deadline so that the users are given enough time to complete the task. While the Income Tax laws say that the PAN cards will become inactive if Aadhaar card is not linked, the extension comes as a respite to those who have not linked these two documents. Those that have not purchased FASTag will have to pay two times the toll charges All private and commercial vehicles running on the Indian roads must purchase FASTags. The government earlier extended the December 1, 2019 deadline to December 15, 2019 for the vehicle owners to ensure compliance. Failing to do so and driving through the toll lanes without FASTag affixed to your car windshield, will mean you will be paying twice the toll charge. These are rechargeable tags that will enable automatic deduction of toll charges from your linked bank account as you can avoid long queues at the toll plazas. SBI’s chip debit cards will only work in the New Year 2020 SBI had earlier asked its customers to change their magnetic stripe debit cards with EMV chip and PIN-based SBI debits cards. This can be done at their home branch. If you are an SBI customer having your old magnetic stripe card, <a href="https://www.financialexpress.com/money/sbi-customer-these-atm-cum-debit-cards-will-become-useless-from-january-1-do-this/1781664/">your card will not work from January 1, 2020</a>. In a statement, SBI has said, “Apply now to change your Magnetic Stripe Debit Cards to the more secure EMV Chip and PIN-based SBI Debit card at your home branch by 31st December, 2019. Safeguard yourself with guaranteed authenticity, greater security for online payments and added security against fraud.” <div type="Article" hostid="261" msid="72906028" title="Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes" mstype="2" mssubtype="0"></div>

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