Major Changes Made In Banking Services From Today

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Manisha Swain

New Delhi, 1st February 2022: Union Finance Minister Nirmala Sitharaman today presented the budget for the financial year 2022 in the parliament. Due to the Covid-19 crisis, the budget was presented in a paperless format. There were many changes made related to the banking and finance sectors.

The State Bank of India (SBI) has increased the limit for money transactions through Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. However, the bank will charge a fee for the same. According to the SBI website, Rs 20 + GST will be charged on IMPS transactions between Rs 2 lakh and Rs 5 lakh. However, for SBI IMPS transactions below Rs 2 lakh, the fee will remain zero.

Punjab National Bank (PNB) will impose a fine of Rs 250 for non-payment of EMI or other instalments effectively from February 1, 2022. Earlier the fine amount was Rs 100.

Bank of Baroda (BoB) changed its check payment rules from February 1, 2022. The payments made through BoB checks will now require a positive pay confirmation. However, this change will be applicable only on check transactions above Rs 10 lakh.

The budget is now available on the Union Budget Mobile App.

Keeping in view the crude oil rates in the international markets, on the 1st and 15th of every month, Oil Marketing Companies update the LPG Cylinder Price in the country. One can check the new rates before placing an order for a cylinder. There were no updates regarding cylinder prices today.