New Delhi: As February 1 approaches, several key financial changes are set to take effect, influencing daily expenses, banking transactions, and business operations.
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Alongside the much-anticipated Union Budget 2025, Finance Minister Nirmala Sitharaman will present, significant updates in LPG prices, UPI transaction rules, automobile costs, banking policies, and aviation fuel rates are expected to come into force.
Here’s a detailed look at the major changes and their potential impact:
1. LPG Price Revision
Oil marketing companies revise LPG cylinder prices on the first day of every month. This includes both domestic and commercial LPG cylinders. With the Union Budget announcement coinciding with the price revision, speculation is rife on whether the government will provide any relief or if consumers will face a price hike.
Earlier, on January 1, the price of 19-kg commercial LPG cylinders was reduced, benefiting businesses. A similar revision could impact household budgets in February.
2. UPI Transaction Rules to be Modified
The National Payments Corporation of India (NPCI) is introducing a key security measure for UPI transactions. From February 1, 2025, all transactions using special characters in transaction IDs will be blocked.
Only alphanumeric characters (letters and numbers) will be accepted, ensuring uniformity and security in digital payments. Any payment initiated with an invalid transaction ID format will automatically fail. Users must verify their transaction details to prevent disruptions.
3. Maruti Suzuki Car Prices to Increase
Car buyers will have to shell out more as Maruti Suzuki India Limited (MSIL) has announced a price hike of up to ₹32,500 on various models due to rising input costs.
Popular models affected include Alto K10, S-Presso, Celerio, Wagon R, Swift, Dzire, Brezza, Ertiga, Eeco, Ignis, Baleno, Ciaz, XL6, Fronx, Invicto, Jimny, and Grand Vitara.
The price increase might impact potential buyers who were considering purchasing a Maruti vehicle.
4. Kotak Mahindra Bank Updates Banking Rules
Kotak Mahindra Bank has announced changes in its banking policies, which will be effective from February 1. These include new limits on free ATM withdrawals and revised charges for various banking services. Customers should check updated charges to avoid unexpected fees while transacting.
5. Aviation Turbine Fuel (ATF) Price Revision
Oil marketing companies revise aviation turbine fuel (ATF) prices on the first of every month. If ATF prices increase on February 1, airfares could rise, affecting frequent travelers and businesses. Given that fuel costs significantly impact airline ticket prices, fluctuations in ATF rates will be closely watched by the aviation industry.
Impact on the Common People
These financial changes could have widespread effects on consumers and businesses:
✅ LPG and ATF price changes will impact household and travel expenses.
✅ New UPI rules will ensure better security for digital transactions.
✅ Higher car prices could affect those planning to buy a vehicle.
✅ Banking rule changes might lead to increased transaction costs for Kotak Mahindra Bank customers.
As the Union Budget 2025 is also set to be unveiled on February 1, the public awaits possible relief measures from the government to counterbalance these financial shifts.
Stay tuned for further updates and analysis on how these changes will shape the economic landscape in the coming months.
