Government may allow commission for UPI payments exceeding 2000 rupees

If there is a sudden need to travel somewhere urgently and only minutes remain before the train departs, there is no need to worry. Indian Railways has introduced a special rule for passenger convenience, allowing tickets to be booked or canceled shortly before the train's departure. This option was particularly useful for those whose plans change at the last minute or who have to make spontaneous trips.

Previously, the process of forming the reservation schedule occurred significantly earlier than the train's departure, and online ticket booking was impossible after this schedule was created. However, the railway later introduced a second reservation schedule system. According to this system, the first schedule was compiled approximately four hours before departure, while the second schedule was prepared 30 minutes or even 5 minutes before the train moved. Passengers could book or cancel tickets until this second schedule was ready.

For example, if a passenger canceled their ticket, those seats remained empty before this system was introduced. Now, thanks to the second schedule, that seat could be occupied by another needy passenger. Those who needed urgent travel benefited the most. If a seat is canceled at the last moment, it could be offered to another passenger before the second schedule appears.

Passengers had two ways to purchase tickets: through the IRCTC website or mobile application, as well as through the PRS (Passenger Reservation System) counters of the railway. If a seat became available before the second schedule was formed, the ticket could be immediately confirmed. Furthermore, if travel plans changed, there was an option to cancel the ticket before the second schedule was created. This allowed the seat to be freed up for another passenger and reduced the number of vacant seats on the train.

The possibility of receiving a confirmed ticket depended entirely on seat availability. A ticket could only be obtained if another passenger canceled their ticket or if there were vacant seats. If all seats were booked in advance, it was impossible to purchase a ticket.

The goal of this rule was to minimize the number of empty seats on trains and provide the opportunity for the maximum number of people to travel. Previously, it often happened that people canceled tickets at the very last moment, but because the schedule was already formed, these seats could not be used by others. The second schedule system helped solve this problem to a great extent.

If you suddenly need to travel, it is recommended to check for seat availability on the IRCTC website or app before the train departs. Sometimes a seat becomes available due to another passenger canceling their ticket, and you can get a confirmed ticket. Nevertheless, it should be noted that the railway periodically makes changes to the rules for booking and canceling tickets. Therefore, before traveling, you must familiarize yourself with the latest IRCTC or Indian Railways rules. In recent years, some rules regarding refunds and ticket cancellations have also been changed. Overall, this last-minute booking and cancellation system has proven very useful for passengers, facilitating spontaneous travel and ensuring more efficient use of the railway's vacant seats.

Fixed Deposit Schemes (FD Schemes) have become quite popular from an investment perspective as they can yield significant returns over a relatively short period due to interest. Many banks offer special promotions for their clients, including the PNB program for 444 days, which is attracting wide public attention, and offers even more favorable terms for the elderly.

Punjab National Bank (PNB) provides attractive interest rates on fixed deposits to its customers, ranging from 3% to 7.40%. Customers can choose a term from 7 days to 10 years and invest an amount of their choice. Investing in FDs proves to be a beneficial option, combining investment security with good returns, especially for the elderly, who receive a higher percentage than regular customers.

The special PNB 444-day fixed deposit scheme is highly popular. For regular customers, this program offers an annual rate of 6.60%, while for the elderly, it is 7.10%. Furthermore, for individuals categorized as very elderly, Punjab National Bank provides a high return of up to 7.40%.

Calculating the benefit under the PNB 444-day scheme is quite simple. By investing 500,000 rupees, regular customers will receive 41,443 rupees in interest at a rate of 6.60%, bringing the total investment amount to 541,443 rupees.

If the return for the elderly is calculated at 7.10% for 444 days, they will receive a benefit of 44,690 rupees, making their total amount 544,690 rupees. As for the very elderly citizens, at a rate of 7.40%, they are entitled to 46,646 rupees, and their initial five hundred thousand rupees will turn into 546,646 rupees.

The Reserve Bank of India (RBI) is preparing to announce the results of its August monetary policy review on Wednesday, August 5. RBI Governor Sanjay Malhotra will present the decision of the Monetary Policy Committee (MPC) at 10 am, followed by a press conference at 12 pm.

The bi-monthly meeting of the RBI's MPC is scheduled from August 3 to August 5, 2026. The six-member committee will review major economic changes before deciding on interest rates and the central bank's monetary stance.

How to follow the RBI Governor's address?

Sanjay Malhotra is set to announce the monetary policy decision at 10 am on Wednesday, August 5. The post-announcement press conference is scheduled for 12 pm. This information will be broadcast live on the official RBI website, on the RBI YouTube channel, and on the RBI X account. Readers can also track the RBI policy announcement and related events through direct coverage by Business Standard.

What to expect from the August MPC meeting?

According to a Business Standard poll, the six-member MPC is likely to keep the repo rate unchanged for the fourth consecutive time. Economists predict that the central bank will maintain a cautious approach, citing stable domestic macroeconomic conditions and global uncertainty. Some analysts believe that if economic conditions change in the future, the review may present an opportunity for a policy shift.

What happened at the June MPC meeting?

During the June monetary policy review, the RBI maintained the repo rate at 5.25 percent. The MPC, which met from June 3 to June 5, also maintained its 'neutral' policy stance. The Savings Deposit Facility (SDF) rate remained at 5 percent, while the Marginal Standing Facility (MSF) and bank rate were kept at 5.5 percent.

Commenting on the world economy, RBI Governor Sanjay Malhotra noted that uncertainty continues due to the conflict in the Middle East. He stated: 'Over the past few months, the global economy has been shaped by heightened uncertainty, disruptions in key trade routes and supply chains, increased market volatility, and cautious business sentiment.' The Governor also emphasized that India is in a better position than in previous periods of external shocks to handle global difficulties and expressed confidence in the economy's resilience.

The RBI projected India's real GDP growth for the fiscal year 27 at 6.6 percent and estimated consumer inflation (CPI) for the fiscal year at 5.1 percent.

Why is the monetary policy meeting important?

The RBI's Monetary Policy Committee meets every two months to determine the repo rate, assess inflation trends, and update the growth forecast. The repo rate is the interest rate at which the RBI lends to commercial banks. Any change in this rate affects the cost of borrowing across the entire economy. A higher repo rate usually leads to more expensive loans and increased monthly payments for home, vehicle, and personal loans. Conversely, a lower repo rate can reduce the cost of borrowing, although this may also decrease returns on savings accounts and fixed deposits.