As of May 1, 2025, significant changes have been implemented across various sectors in India, affecting the daily lives and finances of citizens. These changes touch on everything from banking fees to railway travel regulations and the pricing of essential commodities like cooking gas.
The first major change involves ATM withdrawal fees. Starting today, customers withdrawing cash from ATMs will face increased charges. The Reserve Bank of India (RBI) has approved an increase in ATM transaction fees, allowing banks to charge ₹23 per transaction for withdrawals beyond the free monthly limit, which was previously ₹21. This hike comes as banks seek to cover rising operational costs associated with ATM maintenance and security upgrades. Additionally, balance inquiries at other bank ATMs will now cost ₹7, up from ₹6.
In a related development, the rules surrounding railway ticket bookings have also undergone a significant overhaul. From today, passengers holding waiting list tickets will no longer be permitted to travel in sleeper or AC coaches; they will only be allowed in general coaches. This change aims to reduce overcrowding and improve the travel experience for confirmed ticket holders. Moreover, the advance reservation period for railway tickets has been reduced from 120 days to 60 days, meaning travelers need to plan their journeys more carefully.
Another noteworthy adjustment is in the pricing of commercial LPG cylinders. As of May 1, the price of a 19 kg commercial LPG cylinder has decreased by ₹17 in some regions. In Delhi, the new price is ₹1,747.50, down from ₹1,762, while in Kolkata, it has dropped to ₹1,851.50 from ₹1,868.50. This reduction is a welcome relief for businesses relying on LPG for cooking and heating.
In addition to these changes, Amul has announced an increase in milk prices, effective today. The price of milk has risen by ₹2 per liter, following similar increases by other dairy brands like Mother Dairy. This price hike is expected to impact consumers across the nation as they adjust their budgets accordingly.
Moreover, the 'One State-One RRB' initiative has been launched, merging 26 regional rural banks across 11 states into a single entity. This initiative aims to streamline banking services and enhance efficiency, ultimately benefiting customers by providing more accessible financial services. The merger is expected to reduce the total number of regional rural banks from 43 to 28.
As part of ongoing changes in the financial landscape, the RBI has also mandated that banks utilize the e-Kuber portal for submitting applications related to regulatory approvals, licenses, and other authorizations starting today. This move is intended to simplify banking operations and enhance transparency.
In terms of banking holidays, May 2025 will see a total of 12 days when banks will be closed across various states due to local festivals and observances. Customers are advised to check the holiday schedule to avoid inconvenience.
These changes are significant and are likely to have a direct impact on the financial planning and daily routines of many individuals. As the cost of living continues to evolve, it is essential for consumers to stay informed about these updates to manage their expenses effectively.
In summary, the adjustments that have come into effect today will influence various aspects of life in India, from increased costs for ATM transactions and the purchase of milk to new regulations governing railway travel and the merging of rural banks. As citizens navigate these changes, careful budgeting and planning will be crucial to adapting to the new financial landscape.
