From August, 4 major changes are going to happen in the financial sector of the country. These changes will directly affect your daily transactions, travel and card benefits. These changed rules include new rules related to UPI transactions, new fastag annual cards for private vehicles and free insurance cover on SBI credit cards. These are changes that will apply this month.
The National Payments Corporation of India (NPCI) has implemented some new rules to improve the quality of UPI transactions. Now UPI -linked banks and apps will have to limit the number of requests like checking balance. Also, the use of some Apis such as autope mandate and address verification will also be regulated.
From 11 August 2025, the SBI card is going to discontinue the free air accident insurance facility being offered on many co-branded credit cards. This will affect premium cards like Elite and Prime and some Platinum cards. Now these cards will not get accident insurance facility up to Rs 1 crore or 50 lakh, which used to be available as an additional benefit earlier.
PNB has asked its customers to update the KYC information of their bank accounts before 8 August 2025 so that the accounts continue to run normally. This is being done according to the guidelines of RBI. This KYC update is necessary for customers whose KYC information has not been updated till 30 June 2025.
From 15 August 2025, a new Fastag annual pass will be available for private vehicle owners. It will get a pass for Rs 3,000 and will be valid for a year or 200 toll transactions (which is completed earlier). This scheme has been brought repeatedly to give affordable and convenient options to those traveling highway. It is not mandatory to take this annual pass, people who want can use Fastag in the present way.
