June 2022 will bring new rules in the financial sector, ranging from mandatory gold hallmarks to higher interest rates for home loans. Here are the details of the financial changes that will affect the public.
Increase in liability insurance premiums
From June 1, buying a new car or bicycle will cost more, as the government has increased the price of insurance premiums. According to a notification issued by the Ministry of Transport, the insurance premium will be increased in different categories of vehicles within a range of 6-17%.
SBI home loan interest will increase
India’s largest public lender, the State Bank of India (SBI), has also raised the external benchmark lending rate (EBLR) for home loans by 40 basis points to 7.05% and revised interest rates will come into force on June 1, 2022.
Likewise, the second phase of mandatory gold hallmarking will come into effect in all 256 existing districts and 32 new districts covered by Assay and Hallmark Centers (AHCs) from June 1. This means that only gold jewelry and antiques weighing 14, 18, 20, 22, 23 and 24 carats will be sold in these 288 districts.
India Post Payments Bank Charges for Aadhaar Enabled Payments
India Post Payments Bank (IPPB) has said that issuer fee for Aadhaar enabled payment system will be implemented from June 15, 2022. While each cash withdrawal or deposit will cost Rs 20 + GST , a mini statement transaction will cost Rs 5 + GST.