From RTGS to PNB’s cash withdrawal, new rules that will come into effect from December 1

The commencement of a new month brings with it a set of new rules. The beginning of the month of December on Tuesday also brings with it some new rules which will directly impact the common man. From new Real-time Gross Settlement (RTGS) guidelines to Liquefied Petroleum Gas (LPG) cylinder price revision, here are some new rules that will come into effect from December 1, 2020:

1. RTGS to be available 24×7: RTGS is a popular online fund transfer system to transfer money from one bank account to another. Before December 1, the facility was available for use between 7am and 6pm on all working days except second and fourth Saturdays, and Sundays. However, in his monetary policy announcement in October, Reserve Bank of India (RBI) governor Shaktikanta Das announced that starting December 1, the RTGS facility would be available round-the-clock on all days of the year.

2. PNB’s OTP-based cash withdrawal: The Punjab National Bank (PNB) will launch its one-time password (OTP)-based ATM cash withdrawal facility on Tuesday.