From LPG Price Hike To New IFSC Codes, Here Are Major Changes To Impact Your Financial Lives From March

With the latest increase on Monday, price of a 14.2 kg LPG cylinder will now cost Rs 819 in Delhi. Here is a list of other major changes.

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Several rules and regulations will kick off from Monday impacting the financial lives of common man, and some of them include major changes such as LPG price hike to change in IFSC Code of certain banks among others.

Here is the list of those major changes to note in March 2021

LPG Price Hike

It is known that Oil Marketing Companies (OMCs) announce new rates of cooking gas cylinders on the first day of every month. Also, note that the LPG rates in February have seen price rise thrice amid rising crude oil prices. Oil companies on Monday again hiked the LPG cylinder price by Rs 25. With the latest increase, the price of a 14.2 kg LPG cylinder will now cost Rs 819 in Delhi.  It is the second hike in four days. The prices were raised by Rs 25 just three days ago in February. The price of LPG cylinders is typically connected to international prices of propane and butane, the two main ingredients.

Rs 2,000 note in Indian Bank ATMs Not To Be Available

Starting from March 1, customers will not be able to withdraw Rs 2,000 notes from Indian Bank ATMs, as per the report in the Times of India. However, customers will continue to withdraw the notes from the bank counter. The bank took this decision after it found the high-value Rs 2,000 notes posed an inconvenience for customers as they found it difficult to exchange them in retail outlets and other places for smaller denominations. It led to long queues inside the bank and hence the bank decided to stop using Rs 2,000 notes in ATMs.

Check changes in IFSC Codes of banks

Bank of Baroda has informed customers in February through tweets that e-Dena and e-Vijaya IFSC codes will be discontinued from March 1, 2021. Hence, customers of the mentioned banks are required to download new IFSC codes to carry out online banking operations.

It is because, after the merger of Vijaya Bank and Dena Bank in BoB, the IFSC codes of both banks will undergo the change. Bank of Baroda also informed customers to get checkbooks with the new MICR code by 31 March 2021.

IFSC Code of PNSC to change after the merger

As a result of the merger, Punjab National Bank (PNB) has also made changes in the IFSC rules. Although the old codes will work till March 31, but as per the official tweet by Punjab National Bank, the bank will change the old checkbook and IFSC or MICR code of the associated banks namely Oriental Bank and United Bank of India.

No free FASTag at toll plazas

It is to be noted that the government has waived off the cost of ₹ 100 that users pay for registering under the electronic toll collection system FASTag till February 29. Hence, it will be applicable from March 1 onwards. The fee was waived off to help boost the digital collection of user fee under FASTag on national highways, according to a statement by the Road Ministry.

Board Special trains from March 1

At the onset of the festive season including Holi, Indian Railways has announced that it will start operating several trains from March 1. So those travelling to Uttar Pradesh and Bihar will get the maximum relief from the special train services. 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 1st March 2021.