New Delhi: Since December 1, many rules ranging from LPG cylinder prices to new schedules for the Real Time Gross Settlement System (RTGS), insurance premiums, new trains and ATM cash withdrawals , things that have a great impact on the life of the common man. They are going to change.
Since these rules will affect your daily life, it is important to learn more about these changes. Here are some rules that will change as of December 1.
Real-time gross settlement system (RTGS)
The Reserve Bank of India had said in October 2020 that the Real-Time Gross Settlement System (LBTR), used for high-value transactions, will be available 24 hours from December 2020.
RTGS is currently available to customers from 7:00 AM to 12:00 PM. M. At 6.00 p. M. Every business day of the week, except the second and fourth Saturday of each month. By announcing the RBI’s bimonthly monetary policy decision, RBI Governor Shaktikanta Das said, clients will get 24-hour availability from the real-time gross settlement (LBTR) system. RTGS is a financial transaction system, in which there is continuous and real-time settlement of funds transfers, individually, transaction by transaction. LBTR transactions or transfers have no amount limit.
LPG cylinder prices
Oil trading companies review LPG prices on the first day of each month based on crude oil rates in international markets. In general, the OMCs are expected to make an announcement on the revision of the prices of LPG cylinders.
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Restoration of train services
New trains such as the Jhelum Express and the Punjab Mail will start operating from December 1. These trains will run only in the normal category. 01077/78 Pune-Jammu Tawi Pune Jhelum Special and 02137/38 Mumbai Ferozepur Punjab Mail Special Trains will run every day.
It should be noted that rail services were stopped for a few months due to the coronavirus pandemic.
4. Insurance premium
Those policyholders who had a life insurance policy, valid for 5 consecutive years, can continue with a reduced premium of up to 50 percent.
PNB OTP based ATM cash withdrawal
As of December 1, if you are going to withdraw money from the PNB ATM, between 8 pm and 8 am, it is recommended that you take your mobile phone with you, since the withdrawal of cash at the ATM will now be based on OTP. Starting December 1, Punjab National Bank (PNB) will implement a One Time Password (OTP) based cash withdrawal service for its clients. The bank has said that cash withdrawals of more than Rs 10,000 at a time between 8pm and 8am as of December 1, 2020 from PNB 2.0 ATMs (PNB, eOBC, eUNI) will now be based on OTP. PNB customers will need OTP, sent on their registered mobile phone, to withdraw more than Rs 10,000 in these evening hours.
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