December 2020: Know the changes which will affect lives of commoners

Come December 1, several norms pertaining to LPG Cylinder prices to new timings for Real-Time Gross Settlement System (RTGS) are going to change.

It is important to know more about these changes in detail as these affect our day-to-day lives. Here are some rules that are going to change from December 1:

LPG Cylinder Prices:

Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets. It is by and large expected that the OMCs will make an announcement on the revision of LPG Cylinder Prices.

Real Time Gross Settlement System (RTGS):

The Reserve Bank of India had in October 2020 said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020 instead of 7 am to 6 pm on all working days of a week, except second and fourth Saturdays of every month. Announcing the bi-monthly RBI Monetary Policy decision, RBI Governor Shaktikanta Das had said, customers will get round-the-clock availability of Real Time Gross Settlement (RTGS) System. RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.

Change in premium amount:

After 5 years, the insured can reduce the premium amount by 50 per cent. The policy-bearer can continue the policy even with half the installment.