The beginning of a new month brings with it a set of new rules. The beginning of December on Tuesday also brings with it some new rules that will directly affect the common man. From the new real-time gross settlement (LBTR) guidelines to the liquefied petroleum gas (LPG) cylinder price review, here are some new rules that will go into effect on December 1, 2020:
1. RTGS will be available 24×7: RTGS is a popular online fund transfer system for transferring money from one bank account to another. Prior to December 1, the facility was available for use between 7 a.m. M. And 6 p.m. M. Every weekday except the second and fourth Saturday and Sunday. However, in his monetary policy announcement in October, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced that as of December 1, the LBTR line would be available 24 hours a day every days of the year.
2. Withdrawal based on PNB OTP: Punjab National Bank (PNB) will launch its one-time password-based (OTP) ATM cash withdrawal service on Tuesday. This feature can be used between 8 PM and 8 AM for transactions over Rs 10,000. Therefore, PNB account holders will need to bring their mobile phones as the OTP will be sent to their registered mobile phone number.
3. Review of LPG cylinder price: Prices for LPG cylinders are reviewed on the first day of each month. These can increase, decrease, or remain constant. In November 2020, the price of a 14.2 kg LPG cylinder was 594 rupees in Delhi and Mumbai, 620.50 rupees in Kolkata, and 610 rupees in Chennai.
4. More trains to start operations: Starting December 1, Indian Railways will run a few more trains. Train services were suspended in March when the first national shutdown was announced in March to slow the spread of the Covid-19 pandemic. However, since then, several special trains have been put into service. Starting Tuesday, trains like 01077/1078 Pune-Jammu Tawi-Pune Jhelum Express and 02137/2138 Mumbai Ferozepur Punjab Mail special trains will run every day.
5. Insurance policy to continue: If you have not been able to pay your installments, your insurance policy will not expire. Under the new rules, which will take effect from Tuesday, policyholders will be able to reduce the premium by 50% and continue the policy with half the premium.
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