March brings key policy changes: Gas cylinder prices rise, insurance and banking rules updated
PTC Web Desk: As the new month begins, several regulatory and financial changes have come into effect in India. These include a price hike for commercial LPG cylinders, updates in mutual fund and demat account nominee rules, revised insurance premium payment guidelines, and stricter KYC requirements for Punjab National Bank (PNB) account holders.
Commercial LPG cylinder prices increased
The price of a 19 kg commercial LPG cylinder has risen by up to Rs 6 across major cities. In Delhi, the new price is Rs 1,803, up from Rs 1,797, while in Kolkata, it has increased to Rs 1,913 from Rs 1,907. Mumbai has seen a rise of Rs 5.50, making the new price Rs 1,755.50. Chennai’s price remains at Rs 1,965. However, there is no change in the price of domestic LPG cylinders, which continue to cost Rs 803 in Delhi and Rs 802.50 in Mumbai.
Mutual Fund & Demat account nominee rules revised
The Securities and Exchange Board of India (SEBI) has modified the nominee regulations for mutual funds and demat accounts. Investors can now nominate up to 10 individuals for their mutual fund portfolio or demat account, ensuring better asset management and reducing unclaimed investments.
New insurance premium payment rules
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced the ‘Bima-ASBA’ facility for life and health insurance policies. This allows policy buyers to block the premium amount in their bank account instead of making an upfront payment. The amount will only be deducted once the policy is issued, ensuring greater financial security for consumers. If the application is rejected, the blocked amount will be released immediately. Currently, this facility is available for individual policyholders.
Punjab National Bank (PNB) account holders must update KYC
PNB has issued a notice stating that accounts with no transactions for over two years may be deactivated. Customers are advised to update their Know Your Customer (KYC) details to prevent their accounts from being frozen.
No change in fuel prices
Petrol and diesel prices remain unchanged as of March 1. In Delhi, petrol continues to be priced at Rs 94.72 per liter and diesel at Rs 87.62 per liter. In Mumbai, petrol is Rs 103.44 per liter, while diesel costs Rs 89.97 per liter.
- With inputs from agencies
