Many regulatory changes take effect on the first of every month, and these often have a direct impact on consumers’ finances. Several important rules are set to change from December 1, 2024, affecting sectors ranging from cooking gas to banking, telecom, and tourism. Let’s take a closer look at these changes.
Will OTP Be Stopped?
Suspicious OTPs often lead to fraud, wiping out people’s bank accounts. However, tracing scammers in such cases is very difficult.
Now, the Telecom Regulatory Authority of India (TRAI) has directed telecom companies to enable message traceability. This means telecom companies must identify the source of messages. If they fail to comply, users might stop receiving OTPs or face delays.
OTP Delays Expected As New Rules Kicking In From December 1. Here’s List Of Other Changeshttps://t.co/gw5QSQG4L9 pic.twitter.com/YQH51NQkhG
— NDTV (@ndtv) November 28, 2024
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Trips to the Maldives Will Be Expensive
Maldives, a popular destination for Indian tourists, is set to become costlier.
- Economy-class passengers will now pay $50 (₹4,220), up from $30 (₹2,532).
- Business-class passengers will pay $120 (₹10,129), up from $60 (₹5,064).
- First-class passengers will pay $240 (₹20,257), up from $90 (₹7,597).
- Private jet passengers will pay $480 (₹40,515), up from $120 (₹10,129).
Changes in Credit Card Rules
The Yes Bank will limit the number of reward points that can be redeemed for flights and hotels starting December 1. Similarly, HDFC Bank is changing its lounge access rules for Regalia credit card users. From December 1, users will need to spend Rs 1 lakh each quarter to be eligible for lounge access. State Bank of India and Axis Bank have also revised their reward point rules and credit card fees for individual users.
#ଡିସେମ୍ବରରୁ_ଆସିବନି_OTP !
ଡିସେମ୍ବର ମାସ ଆରମ୍ଭରୁ ମୋବାଇଲକୁ ଆସିନପାରେ OTP ବା ୱାନ୍ ଟାଇମ ପାସୱାର୍ଡ । ଆସନ୍ତା ୩୦ତାରିଖରେ ଟେଲିକମ ରେଗୁଲେଟୋରୀ ଇଣ୍ଡିଆ ବା ଟ୍ରାଇ ଗାଇଡଲାଇନସର ଡେଡଲାଇନ ରହିଛି । #OTP #OTV pic.twitter.com/7vN3fnO4hk— ଓଟିଭି (@otvkhabar) November 27, 2024
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Probable Reasons for Changing
The government announced these changes to improve security, enhance revenue, and update banking policies. OTP regulations aim to reduce fraud by ensuring better traceability of messages. The hike in Maldives travel fees is intended to boost the country’s tourism revenue, while credit card rule updates reflect adjustments in banking rewards and benefits to align with evolving consumer needs.