Key Rule Changes Effective February 1: LPG Prices, UPI, Banking & More Daily Kiran

As February 1, 2025, approaches, several important regulatory and financial changes are set to take effect, impacting LPG prices, UPI transactions, banking policies, and aviation fuel rates. Additionally, Finance Minister Nirmala Sitharaman will present the Union Budget 2025, which is expected to bring further economic shifts. These updates could have a direct impact on consumers and businesses alike.

Here’s a comprehensive look at the major changes taking effect from February 1:

1. LPG Price Revision

Oil marketing companies (OMCs) update LPG cylinder prices on the first day of every month. The pricing decision for February 1, 2025, will be closely watched as it coincides with the Union Budget announcement.

The revision could result in either an increase or decrease in domestic and commercial LPG cylinder prices, impacting households and businesses.
On January 1, 2025, OMCs reduced the price of 19-kg commercial LPG cylinders, signaling potential further adjustments.
Any hike in LPG prices would raise cooking gas expenses for millions of households, whereas a reduction would offer financial relief.

2. UPI Transaction Rules Update

The National Payments Corporation of India (NPCI) has introduced new UPI regulations, effective February 1, 2025. These changes are designed to enhance security and streamline digital transactions.

UPI IDs containing special characters will be blocked starting February 1.
Only alphanumeric characters (letters and numbers) will be allowed in UPI transaction IDs.
Customers and businesses using special characters in UPI IDs must update their credentials to ensure smooth transaction processing.
This move aims to reduce fraudulent activities and enhance the security framework of UPI-based transactions.

3. Banking Policy Changes

Several banks are implementing new banking policies, with Kotak Mahindra Bank leading the charge by introducing revised charges and transaction limits.

Key updates include:

ATM Withdrawal Limits: Kotak Mahindra Bank has revised its free ATM transaction limits, affecting both savings and current account holders.
Updated Banking Fees: New fees and charges will apply to various banking services, including cash deposits, fund transfers, and service requests.
Customers should check official bank notifications to avoid unexpected charges when using banking services.

4. Aviation Fuel Price Adjustments

Oil marketing companies revise Aviation Turbine Fuel (ATF) prices on the first of every month, affecting airlines and ticket pricing.

Changes in ATF pricing impact airfare rates, with higher fuel costs leading to increased ticket prices.
A decrease in ATF prices could provide relief to airlines and passengers.
The aviation industry closely monitors monthly ATF revisions, as fuel costs account for a significant portion of airline expenses.

Impact of Union Budget 2025

Apart from these scheduled changes, the Union Budget 2025, to be presented by Finance Minister Nirmala Sitharaman on February 1, is expected to introduce new economic policies, tax reforms, and financial allocations. The budget’s impact could extend to: