Top Financial Changes in August: RBI to UPI Complete Updates

Financial Changes in August: India’s financial landscape saw significant changes on August 1. To begin with, the National Payments Corporation of India (NPCI) updated the rules for the Unified Payments Interface (UPI). It prohibited background checks, limited balance inquiries to 50 per app per day, and scheduled autopay transactions for off-peak hours.

Meanwhile, as the Reserve Bank of India (RBI) prepares for its Monetary Policy Committee (MPC) meeting on August 6, most analysts expect the central bank to maintain the policy repo rate at 5.5%. However, some analysts predict a 25-basis-point (bps) cut. In addition, the Securities and Exchange Board of India (SEBI) proposed changes to mutual fund regulations to make them more transparent and innovative. Furthermore, the income-tax department now requires tax filers to verify their returns within 30 days after confirming receipt, adding another crucial step to the filing process.

❂ Account Balance Check from UPI Apps:
Several significant revisions to the UPI regulations have been made by NPCI. The limit on balance inquiries is one notable modification; users can now use UPI to check the amount in the bank account connected to the payment gateway no more than 50 times per app per day. Apps will no longer be able to check users’ background balances.

❂ Autopay Transaction Timings:
Autopay transactions have taken a significant shift. There is a sharp change in rules, Utility bills, OTT Subscriptions, or any other EMI are going to have their auto pay timings in the Off-peak hours for seamless transactions.

❂ Inactive Accounts on UPI:
The new regulations also emphasize account management and security. To prevent misuse following number reassignment, UPI IDs associated with mobile numbers that have not been used for more than a year will be immediately disabled. Additionally, improved user identification and validation checks will be part of the increased verification process for newly joined bank accounts to UPI.

❂ IT Returns in 30 Days:

Individual taxpayers who filed their returns in July or are submitting them in August must remember that online submission doesn’t complete the process. After filing the returns online, they must verify them within 30 days. Only then does the income tax department begin processing the return. Taxpayers can complete this verification easily through the I-T e-filing portal (www.incometax.gov.in) using Aadhaar, a pre-validated bank account, a demat account, or other options. It’s better to complete this step immediately rather than waiting for 30 days after filing the ITR.

Also Read: How to Check Your Free Credit Report from CIBIL, Equifax and More

❂ HDFC Tata Neu Infinity Credit Card (NeuCoins Expiry Update):

HDFC has introduced a new expiration policy for NeuCoins earned through the Tata Neu Infinity Credit Card, effective August 1. Previously, the system automatically extended the expiration date as long as you kept using the card. Starting August 1, NeuCoins will expire one year from the month you earn them. The system will now assign a different expiration date each month. For example, NeuCoins earned on August 5, 2025, will expire on August 31, 2026. Regardless of when you earned them, NeuCoins collected before August 1, 2025, will now expire on July 31, 2026.

❂ No Air Accident Cover from SBI Card:
SBI Card will stop offering free aviation accident insurance on many co-branded credit cards from August 11. Co-branded cards such as SBI Card ELITE, SBI Signature, and others will no longer provide the Rs 1 crore insurance coverage, and SBI Card PRIME cards will no longer provide the Rs 50 lakh coverage.