Alert! LPG price and banking rules will change from August 1



August will be full of surprises and shocks due to a number of rule changes, 18 days of public holidays, a change in the Bank of Baroda check payment system and the introduction of PPS.








The RBI website states that the PPS involves a procedure for reconfirming important information from high value cheques.





August will see a number of rule changes, including the launch of the Positive Payment System (PPS), a change to the Bank of Baroda check payment system and an 18-day public holiday. Here’s all the information you need about these changes.












A mandatory PPS has been proposed by Bank of Baroda for checks issued for amounts above Rs 5,000,000. Before payment, customers must digitally validate key verification information for authentication. The system will increase banking security by protecting users against fraudulent transactions.

“Committed to ensuring the security of your banking transactions. With Positive Pay System, we are here to protect you against check fraud.

Bank of Baroda has informed its customers through its social media account that checks of Rs 5 lakh and above are confirmed before payment.












What is a positive remuneration system?

Some of the banks that informed their customers about the PPS initiative before August 1 to cash high value checks are State Bank of India and Bank of Baroda.

The RBI website states that the PPS involves a procedure for reconfirming important information from high value cheques. In this procedure, the check issuer electronically provides the minimum check details, including name, date and amount, using a mobile app, SMS, UPI or an ATM.

Details are verified when the check is remitted to another bank for payment processing. For payment to be made to the depositor, the details must match. The check will be returned unpaid otherwise. The National Payments Corporation of India (NPCI) developed this system to ensure accurate and reliable transactions.












The prices of LPG gas cylinders will change

The cost of liquefied petroleum gas cylinders has increased significantly this month. Despite the announcement of a subsidy of Rs 200 per cylinder for beneficiaries of Pradhan Mantri Ujjwala Yojana, Rs 853 is still double what was paid seven years ago.

On August 1, the state-owned oil marketing companies set the price, and recent trends suggest prices could be slightly higher.











First published: July 30, 2022, 04:57 IST



Michael J. Birnbaum