Latest news with #KinjalChampaneria
Time of India
24-05-2025
- Business
- Time of India
Central government employees, hurry! Deadline to choose between UPS or NPS is June 30
Are you a central government employee looking to secure financial stability after your retirement but fear NPS is too risky? There is a major decision awaiting for you. On April 1, 2025, the central government rolled out a new pension scheme for its workers, called the or UPS which offers to provide a fixed pension to employees upon retirement. This scheme gives employees an option to drift away from the NPS or which offered an unfixed pension amount, based on the corpus accumulated at retirement and the annuity purchased. Tired of too many ads? go ad free now Is UPS different from NPS? Under UPS, government employees who have completed at least 25 years of service will receive a fixed monthly pension amounting to 50% of their average basic pay during the final 12 months before retirement. However, they must have completed at least 25 years of service. Unlike NPS, where the retirement payout depended on the corpus accumulated and annuity purchased, UPS offers greater certainty for government employees. How to apply for the UPS? Eligible employees must submit Form A2 or Form A1 either online or physically to their office head or DDO. Forms are available on the Protean CRA website. The A2 form is to exercise the option for existing central government employees while A1 is for the newly recruited, who joined services on or after April 1, 2025. Applicants should retain an acknowledgement slip stamped by the nodal office as proof of submission. What is the deadline to switch to UPS? The Pension Fund Regulatory and Development Authority (PFRDA) said in its frequently asked questions that existing central government employees who want to switch from NPS to the new UPS must do so within three months of its launch, that is, by 30 June 2025. "Option has to be exercised within three (03) months from April 1, 2025, or within such extended timelines, if any, allowed by the central government," the authority said, quoted by ET. Tired of too many ads? go ad free now What happens if you miss the deadline? Employees who do not opt for UPS by the deadline will remain under the National Pension System. Manmeet Kaur, Partner at Karanjawala & Co, a law said, "If a central government employee fails to opt into UPS by June 30, 2025, or by any further extended date, they will continue to be governed by the provisions of the National Pension System and shall be considered to have chosen to remain under the NPS." Will there be a second chance? Kinjal Champaneria, Partner at Solomon & Co said that though the FAQs do not explicitly provide for a second opportunity to opt for the scheme, 'they do state that the timeline for availing the UPS option may be extended at the discretion of the central government. Therefore, if such an extension is granted, eligible central government employees who missed the initial window may have a second chance to opt for the UPS. " Which government employees are eligible for the scheme? The following categories can opt for UPS by the 30 June deadline: Current central government employees under NPS as of 1 April 2025. Retired employees before 31 March 2025, and have completed 10 years of service, Have retired under Fundamental Rules 56(j) Legally wedded spouses of deceased employees who retired before exercising the option for UPS. What about the newcomers? The three-month deadline does not apply to individuals joining central government service on or after 1 April 2025. However, these recruits must exercise their UPS option within 30 days of joining, unless the government decides otherwise, Champaneria said. Can you switch back to NPS? Once exercised, the decision to opt into UPS is final and irrevocable, as confirmed in the PFRDA's FAQs.
Time of India
22-05-2025
- Business
- Time of India
This bank has changed its name: Will its cheque book, passbook, card and IFSC code still work?
The Reserve Bank of India (RBI) issued a notification on May 21, 2025, announcing the change of the name for North East Small Finance Bank Limited to ' slice Small Finance Bank Limited ' in the Second Schedule of the Reserve Bank of India Act, 1934. "We're on a journey to build India's most loved bank. Our mission is to value people's time and money in the products we build so more people can experience banking that truly works for them. he bank will continue to operate under the brand name of slice, and we are in the process of informing all stakeholders, especially customers, about this change to ensure a smooth and seamless transition. We're now expanding nationwide, while keeping our Northeast roots central to who we are," says a spokesperson from slice. Private vs public bank locker charges 2025: Who is offering lockers at lowest rental? But what does this mean for customers? The name change raises several questions in the minds of account holders-whether they need to get new passbooks or cheque books, whether their debit cards will still work, or if IFSC codes will change. What happens to your current cheque book, passbooks? According to RBI guidelines , in the event of a name change by a bank, customers can continue using their current banking instruments , such as passbooks, debit cards, and cheque books, without any interruption-unless explicitly directed otherwise by the bank. Similarly, IFSC codes typically remain unchanged unless separately notified. The transition is expected to be gradual and fully guided, ensuring zero disruption to customer services. Live Events Post Office account death claim rules: How to claim money from post office after account holder's death with or without nomination Vishal Gehrana, Partner Designate at Karanjawala & Co. and Advocate-on-Record, Supreme Court of India, says, "A change in the name of a bank, such as from 'North East Small Finance Bank Limited' to 'Slice Small Finance Bank Limited', does not by itself require customers to immediately obtain new passbooks, cheque books, or debit cards. According to standard banking practice and RBI guidelines, all existing instruments that bear the old name remain valid and can be used as usual unless the bank specifically instructs customers otherwise." Kinjal Champaneria, Partner at Solomon & Co, says, "Consequent to the change in name of the bank, it is common for items, such as passbooks, cheque books, debit cards, and other banking materials, to be updated with the new name, logo, and branding. However, the bank will officially communicate to the customers regarding the issuance of new banking materials. Adhil Shetty, CEO of says, "Any time a bank is amalgamated into a new entity, the bank will reissue an updated passbook, cheque book, and, if needed, account numbers as well. This is a structured process that takes months, sometimes as much as a year." "Banks are required to inform their customers about the name change and any related procedural updates. If the bank decides to issue new materials with the updated name, it will typically do so over a transition period and provide clear instructions. Until then, customers can continue to use their current passbooks, cheque books, and debit cards without any legal or operational issues," says Gehrana. "The customers will be updated regularly and will be informed about the update. The bank will also provide customers with a certain period, usually six months, where they can continue to use their older passbook and cheque book even after the transition process is completed. So, customers have enough time to get used to the change and get new passbooks and other details," says Shetty. This transition may take some time, as the bank will need to manage the replacement process and logistics. Customers will be notified by the bank regarding when they can expect to receive their new passbook, cheque book, debit card, etc. For any clarification or assistance, it is advisable that customers reach out to their local branch or the bank's customer support. Unless otherwise notified by the bank, the existing passbooks, cheque books, and debit cards are likely to remain valid and fully functional for all banking transactions. In short, unless you receive direct communication from the bank asking you to replace your banking instruments, you do not need to take any action. The change in the name of the bank does not affect the validity of your existing documents. What happens to the current IFS codes of the bank? Gehrana says, "The IFSC (Indian Financial System Code) is a unique identifier for bank branches used in electronic payment systems like NEFT, RTGS, and IMPS. While the code often includes an abbreviation of the bank's name, a change in the bank's name does not automatically result in a change to the IFSC code. If the bank or RBI decides to update the IFSC codes to reflect the new name, this will be done in a phased and well-communicated manner. Customers will be notified in advance, and the transition will be managed to ensure that there is no disruption to banking services. During any such transition, payments made using the old IFSC code are typically redirected to the correct branch, and online banking systems are updated automatically. Therefore, customers do not need to worry about failed transactions or immediate changes to their banking details. Any change to the IFSC code will be clearly communicated, and sufficient time will be given to adapt." Kinjal Champaneria, Partner at Solomon & Co, says, "Regarding the IFSC code, it will change eventually. However, customers will be informed officially by the bank before any changes take effect. Until then, existing IFSC codes are likely to remain valid for all transactions."
Economic Times
22-05-2025
- Business
- Economic Times
This bank has changed its name: Will its cheque book, passbook, card and IFSC code still work?
But what does this mean for customers? What happens to your current cheque book, passbooks? Live Events What happens to the current IFS codes of the bank? The Reserve Bank of India (RBI) issued a notification on May 21, 2025, announcing the change of the name for North East Small Finance Bank Limited to ' slice Small Finance Bank Limited ' in the Second Schedule of the Reserve Bank of India Act, 1934."We're on a journey to build India's most loved bank. Our mission is to value people's time and money in the products we build so more people can experience banking that truly works for them. he bank will continue to operate under the brand name of slice, and we are in the process of informing all stakeholders, especially customers, about this change to ensure a smooth and seamless transition. We're now expanding nationwide, while keeping our Northeast roots central to who we are," says a spokesperson from name change raises several questions in the minds of account holders-whether they need to get new passbooks or cheque books, whether their debit cards will still work, or if IFSC codes will to RBI guidelines , in the event of a name change by a bank, customers can continue using their current banking instruments , such as passbooks, debit cards, and cheque books, without any interruption-unless explicitly directed otherwise by the bank. Similarly, IFSC codes typically remain unchanged unless separately notified. The transition is expected to be gradual and fully guided, ensuring zero disruption to customer Gehrana, Partner Designate at Karanjawala & Co. and Advocate-on-Record, Supreme Court of India, says, "A change in the name of a bank, such as from 'North East Small Finance Bank Limited' to 'Slice Small Finance Bank Limited', does not by itself require customers to immediately obtain new passbooks, cheque books, or debit cards. According to standard banking practice and RBI guidelines, all existing instruments that bear the old name remain valid and can be used as usual unless the bank specifically instructs customers otherwise."Kinjal Champaneria, Partner at Solomon & Co, says, "Consequent to the change in name of the bank, it is common for items, such as passbooks, cheque books, debit cards, and other banking materials, to be updated with the new name, logo, and branding. However, the bank will officially communicate to the customers regarding the issuance of new banking Shetty, CEO of says, "Any time a bank is amalgamated into a new entity, the bank will reissue an updated passbook, cheque book, and, if needed, account numbers as well. This is a structured process that takes months, sometimes as much as a year.""Banks are required to inform their customers about the name change and any related procedural updates. If the bank decides to issue new materials with the updated name, it will typically do so over a transition period and provide clear instructions. Until then, customers can continue to use their current passbooks, cheque books, and debit cards without any legal or operational issues," says Gehrana."The customers will be updated regularly and will be informed about the update. The bank will also provide customers with a certain period, usually six months, where they can continue to use their older passbook and cheque book even after the transition process is completed. So, customers have enough time to get used to the change and get new passbooks and other details," says transition may take some time, as the bank will need to manage the replacement process and logistics. Customers will be notified by the bank regarding when they can expect to receive their new passbook, cheque book, debit card, etc. For any clarification or assistance, it is advisable that customers reach out to their local branch or the bank's customer otherwise notified by the bank, the existing passbooks, cheque books, and debit cards are likely to remain valid and fully functional for all banking short, unless you receive direct communication from the bank asking you to replace your banking instruments, you do not need to take any action. The change in the name of the bank does not affect the validity of your existing says, "The IFSC (Indian Financial System Code) is a unique identifier for bank branches used in electronic payment systems like NEFT, RTGS, and IMPS. While the code often includes an abbreviation of the bank's name, a change in the bank's name does not automatically result in a change to the IFSC code. If the bank or RBI decides to update the IFSC codes to reflect the new name, this will be done in a phased and well-communicated manner. Customers will be notified in advance, and the transition will be managed to ensure that there is no disruption to banking services. During any such transition, payments made using the old IFSC code are typically redirected to the correct branch, and online banking systems are updated automatically. Therefore, customers do not need to worry about failed transactions or immediate changes to their banking details. Any change to the IFSC code will be clearly communicated, and sufficient time will be given to adapt."Kinjal Champaneria, Partner at Solomon & Co, says, "Regarding the IFSC code, it will change eventually. However, customers will be informed officially by the bank before any changes take effect. Until then, existing IFSC codes are likely to remain valid for all transactions."
