Ahead of the Budget session for the year 2022-2023 the country will witness many important changes in the banking sector, effective from February 1, 2022.
The State Bank of India (SBI) has announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to the website.
Meanwhile, the Bank of Baroda has announced the cheque clearance rule is one of the changes taking place from February 1. Bank of Baroda customers will have to follow the positive pay system for cheques, i.e information related to the cheque will have to be sent to the bank, only then it will be cleared. To be noted — these changes are for cheque clearance above Rs 10 lakh.
Punjab National Bank (PNB) has announced to levy a penalty of Rs 250 in case of installment or investment paying fails due to lack of money in your account. Till now the penalty for paying installments late was Rs 100.
The Union Budget will be presented by Finance Minister Nirmala Sitharaman in the Lok Sabha at 11 am on February 1. The Budget session is perhaps the most crucial sitting of Parliament, and also its longest.