December 1 is going to bring a myriad of changes in terms of household chores. The changes are expected to be for the better. So, from RTGS, LPG cylinder price to policy premiums, here is what all is going to change.
RTGS will be 24*7
Firstly, to provide a fillip to India's digital payments initiative, the Reserve Bank of India (RBI) allowed the transfer of funds through Real-Time Gross Settlement (RTGS) round-the-clock, used for large value transactions from December 1.This is a popular transfer mode along with NEFT and IMPS systems. In the existing system the RTGS facility is available between 8 am and 7:55 pm. The banking regulator has already allowed NEFT transfers 24X7 since December, last year.
LPG cylinder prices
Also, the prices of LPG cylinders get updated on the first day of every month. The prices may or may not go up. Customers could expect a price revision on December 1.
Come December 1, many new trains will be introduced which will be helpful for the passengers. Ever since the pandemic struck, railways have been hit hard. The Indian Railways is now working towards normalising the operations and making it more commuter friendly. It has increased the number of special trains. Many new trains will start running from December 1 (Tuesday).
Non-lapse of insurance policy due to non-payment
Lastly, many people have lost their jobs because of the coronavirus pandemic. As a result of which many have defaulted on their instalment payments. It may also happen that due to some unforeseen expenses, the policy holders are unable to pay their instalments. Non-payment results in policy getting lapsed. This results in their money getting stuck. The insurance companies have made changes to this effect. Under the new rules, a policy holder can reduce the premium on their policies by 50 per cent.