India implements new banking, LPG, and vehicle regulations

Several regulatory and operational changes are scheduled to take effect on October 1, impacting banking, fuel, and household subsidies in India.

In the banking sector, the State Bank of India (SBI) will reduce the monthly free ATM transaction limit for Salary Package Account holders from 10 to five transactions at other banks' ATMs. Once this limit is exceeded, cash withdrawals will incur a charge of Rs 23 plus GST, while non-financial transactions will cost Rs 11 plus GST. Additionally, the Reserve Bank of India (RBI) will mandate greater transparency for bulk deposits of Rs 3 crore or more, requiring banks to disclose interest rates on their websites daily by 10 am.

Regarding energy and transport, LPG subsidy recipients will be required to complete Aadhaar biometric authentication. While customers without biometric authentication can still purchase refills, they may be required to pay market prices instead of subsidized rates. In the Delhi-NCR region, petrol pumps will begin enforcing restrictions on refueling vehicles that do not possess a valid Pollution Under Control (PUC) certificate, utilizing ANPR cameras and databases for verification.

Furthermore, while not government-mandated, some manufacturers have suggested that prices for household appliances, such as air conditioners and refrigerators, may rise due to fluctuations in raw material and freight costs.