From Money Transaction Rules to ATM Withdrawal, Changes That Will Come Into Effect From December 1 | Full List | Earth Indian

New Delhi: Several changes, that will directly impact the lives of the common man at all levels, will kick in from December 1, 2020. While some of them may come as a relief, some other amendments are expected to increase the burden of the common man.

The Reserve Bank of India, in a bid to boost the adoption of digital payments, has allowed the transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock from December 1. The Punjab National Bank (PNB),  the country’s second-largest lender has changed the cash withdrawal facility.

Here are new rules that will come into effect from December 1, 2020: 

OTP For PNB Cash Withdrawal: If you have a Punjab National Bank (PNB) ATM card, you might require an OTP (one-time-password) to withdraw cash. With effect from December 1, PNB has introduced OTP-based ATM withdrawal for transactions above ₹10,000 between 8 pm to 8 am. Thus PNB account holders are advised to carry their mobile phone along with them as they will need OTP, sent on their registered mobile phone,  to withdraw money more than Rs 10,000 in these night hours.

RTGS timings:  The Reserve Bank of India (RBI) Governor Shaktikanta Das, in its October Monetary Policy announcements, had announced that the RTGS facility will be implemented round-the-clock on all days of the year. “With this, India will be one of the very few countries globally with a 24x7x365 large value real-time payment system,” he had said after the meeting of the Monetary Policy Committee (MPC). Earlier, it was available only on working days and during working hours.

Notably, Real-Time Gross Settlement is a popular high-value fund transfer mode.  The minimum amount that one can transfer through RTGS is Rs 2 lakh.

Insurance Premium Changes: From December 2020, an insurance policyholder will be able to reduce his/her premium by 50 per cent after 5 years, which means that he/she will be able to continue with the policy even at half the premium.

LPG price revision: The prices of LPG are also expected to change in December. In India, LPG price is revised by the state-run oil companies on a monthly basis, however, the prices of cooking gas have not changed for the past six months.

By Shivam Urkude || Earth Indian