From today RTGS can be done 24x7, Insurance Policies not to lapse even in Case of Payment default

The commencement of a new month brings with it a set of new rules. The beginning of the month of Dec on Tuesday also brings with it some new rules which will directly impact the common man. From new Real-time Gross Settlement (RTGS) guidelines to Liquefied Petroleum Gas (LPG) cylinder price revision, here are some new rules that will come into effect from Dec 1, 2020:

1. RTGS to be available 24x7: RTGS is a popular online fund transfer system to transfer money from one bank account to another. Before Dec 1, the facility was available for use between 7 am and 6 pm on all working days except second and fourth Saturdays, and Sundays. However, in his monetary policy announcement in Oct, Reserve Bank of India (RBI) governor Shaktikanta Das announced that starting December 1, the RTGS facility would be available round-the-clock on all days of the year.

2. PNB’s OTP-based cash withdrawal: The Punjab National Bank (PNB) will launch its one-time password (OTP)-based ATM cash withdrawal facility on Tuesday. This facility can be used between 8 pm and 8 am for transactions above Rs 10,000. PNB account holders will thus need to carry their mobile phones as the OTP will be sent on their registered mobile phone number.

3. LPG cylinder price revision: The prices of LPG cylinders are reviewed on the first of every month. These may be increased, decreased or kept constant. As of Nov 2020, the price of a 14.2 kg LPG cylinder stood at Rs 594 in Delhi and Mumbai, Rs 620.50 in Kolkata and Rs 610 in Chennai.

4. More trains to commence operations: From Dec 1, Indian Railways will run some more trains. Train services were suspended in March when the first nationwide lockdown was announced in March to curb the spread of the Coronavirus pandemic. However, since then, several special trains have been pressed into service. From Tuesday, trains like 01077/1078 Pune-Jammu Tawi-Pune Jhelum Express and 02137/2138 Mumbai Ferozepur Punjab Mail special trains will be run every day.

5. Insurance policy to continue: If one has not been able to pay their instalments, their insurance policy won't get lapsed. Under new rules, which will come into effect from Tuesday, policyholders will be able to reduce the premium by 50 per cent and continue the policy with half the instalment. 

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