From today onwards, several rules and regulations that will impact the daily life of people will come into practice. These norms range from LPG Cylinder prices, fuel rates, to change in the IFSC code and mandatory KYC for SBI customers.
Let’s take a look at a few things that are going to change from March 1, 2021:
No Rs 2,000 note in Indian Bank ATMs:
From March 1, customers will not be able to withdraw Rs 2,000 notes from ATMs. However, they can get the notes directly from the bank counter. “After withdrawing cash from ATMs customers come into the bank branches to exchange Rs 2,000 notes for smaller denomination currency notes. In order to avoid that we have decided to stop the loading of Rs 2,000 denomination notes in ATMs with immediate effect,” the Indian Bank said.
Cooking gas cylinder:
Oil Marketing Companies (OMCs) has announced new rates of cooking gas cylinders. In February, the price was revised thrice amid an increase in crude oil prices. At present, a 14.2 Kg cylinder is priced at Rs 794 in Delhi while it costs Rs 745.50 in Kolkata and Rs 735 in Chennai.
No free FASTag at toll plazas:
Customers will have to pay Rs 100 to purchase a FASTag from toll plazas, the National Highway Authority of India (NHAI) has said.
Fuel rates are revised almost every day, however, they reached an all-time high in India. Union Minister Dharmendra Pradhan has hinted the price will decrease in the country as the winter season ends. “Increase in petroleum price in international market has affected consumers too. Prices will come down a little as winter goes away. It is an international matter, price is high due to increase in demand, it happens in winter. It will come down as the season ends,” he said.
Change in IFSC Code of these banks:
Days after the merger of Vijaya Bank and Dena Bank in Bank of Baroda, the IFSC codes of both banks will be changed from March 1, 2021. You no longer will be able to transact with the old IFSC code. According to BoB, customers can get cheque books with the new MICR code by 31 March 2021.
IFSC Code of PNSC also to change:
Users of Punjab National Bank (PNB) will also witness changes in the rules related to IFSC. PNB will be changing the old cheque book and IFSC or MICR code of its associate banks Oriental Bank and United Bank of India. However, the old codes will work till March 31, but the bank has told its customers to get new codes or else there may be problems later.
Mandatory KYC for SBI customers:
It will be mandatory for State Bank of India (SBI) customers to get their KYC done if they wish to keep their accounts active.
Many special trains will run from March 1:
Indian Railways has announced that it will begin operating several trains from March 1 before Holi. According to reports, passengers travelling from Uttar Pradesh and Bihar will get the maximum relief from the running of these special trains. Apart from this, Western Railway has decided to run 11 pairs, i.e., 22 new special trains on different routes. These trains will run between several routes including Delhi, Madhya Pradesh, Mumbai. Some trains have started operating in it. At the same time, some trains will be operational from 1 March 2021.
For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine