Mandatory Aadhaar Authentication for LPG Subsidy
Starting October 1, domestic LPG consumers must complete Biometric Aadhaar Authentication (BAA) to continue receiving their cooking gas refills at the subsidised price. Those who have not completed this authentication will still get their cylinders, but
they will have to pay the full market price without the government subsidy. This move aims to ensure that the subsidy benefits reach the intended households and prevent misuse. Consumers can complete the authentication process through their LPG distributor, via the delivery person's device, or by using the mobile apps of the oil marketing companies like IndianOil ONE, HelloBPCL, and HP PAY. Consumers who have already completed the process do not need to do it again.
Commercial LPG Cylinder Prices Hiked
While household cooking gas prices remain unchanged for now, the cost of commercial LPG cylinders has increased from October 1. The price of the 19-kg commercial cylinder, used by businesses like hotels and restaurants, has been hiked by up to ₹71.50 depending on the city. In Delhi, the price has gone up by ₹62.50 to ₹2,810. This increase is expected to raise operating costs for many small businesses ahead of the festive season. The price of the 14.2-kg domestic cylinder has not been revised, offering some relief to household budgets.
Changes in Free ATM Transactions for SBI Customers
State Bank of India (SBI) has revised the rules for free ATM transactions for its Salary Package Account holders, effective October 1. The number of free transactions permitted at other banks' ATMs has been reduced from ten per month to five. This limit includes both financial transactions like cash withdrawals and non-financial ones such as balance inquiries. For SBI's Basic Savings Bank Deposit (BSBD) account holders, the rule of four free cash withdrawals per month remains unchanged, after which a fee of ₹15 plus GST will be applied for each additional withdrawal. Digital transactions continue to be free and unlimited.
New Rules for Bulk Fixed Deposits
The Reserve Bank of India (RBI) is implementing new rules for bulk fixed deposits from October 1 to increase transparency. Banks will now be required to disclose the interest rates for bulk deposits—defined as single term deposits of ₹3 crore or more—on their websites daily by 10 AM. The rules mandate that banks must offer a uniform interest rate for similar bulk deposits accepted on the same day across all their branches, preventing discrimination between customers at different locations. This change primarily impacts high-value depositors like corporations and institutions rather than retail customers.
What About UPI Charges?
There has been much discussion about charges on UPI transactions, but it's important to clarify that UPI payments remain free for consumers. A new Merchant Discount Rate (MDR) will apply from October 15, but this is a fee paid by merchants for transactions above ₹2,000, not by customers. Person-to-person (P2P) transfers and merchant payments up to ₹2,000 will continue to be free of charge. Since the vast majority of UPI merchant transactions are below this threshold, most payments will be unaffected.
