From UPI, FASTag to KYC rules: Here's what changes for consumers this August
Tired of too many ads?
Remove Ads
UPI new rules August 1
Tired of too many ads?
Remove Ads
SBI to discontinue air accident insurance on some cards
PNB KYC update deadline set for August 8
LPG, CNG, and ATF prices revision
RBI extends trading hours in phased rollout
Tired of too many ads?
Remove Ads
FASTag annual pass to be available from August 15
Starting today, August 1 , 2025, several key financial changes will take effect across India, impacting digital payments, banking, and toll transactions. The National Payments Corporation of India (NPCI) is rolling out new UPI transaction rules to enhance system efficiency, while the State Bank of India (SBI) is discontinuing complimentary air accident insurance on select credit cards. Punjab National Bank (PNB) has set a deadline for customers to update their KYC, and the Reserve Bank of India (RBI) is extending trading hours in money markets. Additionally, fuel prices are due for review, and a new FASTag annual pass will be introduced for private vehicle owners.The National Payments Corporation of India (NPCI) will implement a new set of rules for Unified Payments Interface (UPI) transactions starting August 1, 2025. These changes aim to improve transaction speed and reduce load during peak hours. The NPCI issued a circular in April outlining these adjustments, which will affect users, banks, and payment service providers such as Google Pay, PhonePe, and Paytm.According to the circular, users can perform a maximum of 50 balance checks per day per UPI app. This means that someone using multiple apps can check balances 50 times on each. However, users are advised not to check balances during peak hours.Auto-pay transactions will only be processed outside peak hours: before 10:00 am, between 1:00 pm and 5:00 pm, and after 9:30 pm.The number of times a user can check the status of a transaction will be limited to three, with a minimum gap of 90 seconds between attempts.Users can check linked accounts only 25 times a day per app. Also, the bank name of the recipient will now be displayed before confirming a payment to help reduce errors and fraud.The State Bank of India (SBI) has announced that it will remove the complimentary air accident insurance cover from many co-branded credit cards.In its official notification, the bank stated, 'Complimentary air accident insurance coverage of Rs 1 Cr currently offered on your UCO Bank SBI Card ELITE, Central Bank of India SBI Card ELITE, PSB SBI Card ELITE, KVB SBI Card ELITE, KVB SBI Signature Card, and Allahabad Bank SBI Card ELITE will be discontinued.'The notification added that 'Complimentary air accident insurance coverage of Rs 50 Lakh currently offered on your UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, KVB SBI Card PRIME, Karur Vysya Bank SBI Platinum Credit Card, South Indian Bank SBI Card PRIME, South Indian Bank SBI Platinum Credit Card, Karnataka Bank SBI Card PRIME, Karnataka Bank SBI Platinum Credit Card, City Union Bank SBI Card PRIME, Allahabad Bank SBI Card PRIME, UBI SBI PLATINUM Credit Card, OBC SBI VISA PLATINUM Card, Federal Bank SBI Platinum Credit Card, BOM SBI PLATINUM Credit Card will be discontinued.'Punjab National Bank (PNB) has requested customers to update their Know Your Customer (KYC) details by August 8, 2025. This update applies to customers whose KYC was pending as of June 30, 2025.In a press release, the bank said the update is in line with the Reserve Bank of India's guidelines and will ensure smooth operation of customers' accounts.Oil companies reduced the price of 19 kg commercial LPG cylinders by Rs 33.50 effective August 1, however, prices of 14.2 kg domestic cylinders remain unchanged. Prices of compressed natural gas (CNG), piped natural gas (PNG), and aviation turbine fuel (ATF) may also be revised on August 1, 2025. These prices are reviewed monthly by the authorities, and adjustments are made based on market factors.The Reserve Bank of India (RBI) is expanding trading hours in the money markets in two phases.Effective July 1, 2025, the call money market is open from 9:00 am to 7:00 pm. Starting August 1, 2025, market repo and Tri-Party Repo (TREPs) trading hours will be extended until 4:00 pm, with new timings from 9:00 am to 4:00 pm.The Ministry of Road Transport & Highways will introduce a FASTag annual pass from August 15, 2025. The pass will cost Rs 3,000 and allow up to 200 toll transactions or remain valid for one year, whichever is earlier.The pass is optional. The current FASTag system will remain in place for users who do not opt for the new annual plan. Those interested can activate the annual pass through their existing FASTag account.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
12 minutes ago
- Economic Times
GHV Infra Projects bags Rs 2,645 cr worth contract from UAE entity
Agencies GHV Infra Projects GHV Infra Projects has bagged an EPC contract worth Rs 2,645 crore from Rana Exim FZ-LLC in the UAE for development of a smart manufacturing hub, the company announced on Saturday. The project is awarded to GHV Infra Projects for engineering, procurement, and construction (EPC) of Erisha Smart Manufacturing Hub consisting of Industrial and Commercial Buildings at Ras Al Khaimah Economic Zone (RAKEZ), UAE. The EPC contract is estimated to be completed within 24 months excluding 90 days of initial setup & mobilization period, the company said in a stock exchange filing. "With this order, the total order book of the company has risen to over Rs 7,000 crore and shall continue to strive few more selective project options in near term," GHV Group Chairman Jahid Vijapura said in a statement. Shares of GHV Infra Projects closed at Rs 1549.20 per unit on Friday 4:00 PM on BSE.
Economic Times
13 minutes ago
- Economic Times
Want to invest Rs 1 lakh when you are young? Here is Raamdeo Agrawal's Warren Buffett-style blueprint to compound wealth
Raamdeo Agrawal urges young investors to avoid rushing into markets without understanding value. Learning to identify price-value gaps and mastering patience are key, he says, citing Buffett's wisdom and his own early investing lessons. Tired of too many ads? Remove Ads At 30, pick a lane: Professional or Passive? Tired of too many ads? Remove Ads Everybody knows the price, nobody knows the value India and the U.S. Tired of too many ads? Remove Ads If you're 20 years old and sitting on Rs 1 lakh, Motilal Oswal co-founder Raamdeo Agrawal has one piece of advice: don't do anything till you understand it. That, he says, is among the best lessons he's learned from Warren Buffett, and it applies to both investing and a conversation on Groww's investor podcast released on YouTube, the Motilal Oswal Financial Services co-founder urged young investors to resist the pressure to act without clarity. Agrawal said most 20-year-olds underestimate how little they know about the market. 'At the age of 20, what you don't know is a lot of things… So when you see value–price gap, you will have a, what do you call, limited understanding of it.'He recalled his own investing debut, a hostel tip-off that turned into a three-bagger. 'I bought it 15 bucks, and in a year, two years' time, it became 45 bucks,' he said, noting he was around 22 at the time. 'Those kinds of breaks will happen.'Asked where Rs 1 lakh should go at 30, Agrawal said it depends on whether you want to master the game or outsource it.'If I want to make a career in investing… then you should go to the stock market and figure out what is the value, what is the price, what is the earnings growth, what is the RoE, what is the momentum. I mean, it's a full-time job, and it has become very competitive.'Otherwise, 'go and give your money to one of the fund managers and be happy with it.'Agrawal didn't hold back on what he sees as the pitfalls of post-COVID market behaviour. 'Out of 200 million demat accounts, 160 million is less than 5 years… they have no clue what they are buying and selling... (post COVID)… market is very impatient,' he stressed that understanding intrinsic value is the core skill. 'Everybody knows the price. Nobody knows the value. Once you master the formula to discover value, investing becomes simple.'And the real reward, he added, lies in spotting mispriced opportunity. 'Is the return gap between price and value… is it asymmetric? We are looking for asymmetric... Asymmetricity in the return — that's the excitement in the market.'Agrawal dismissed market timing as a flawed strategy. 'Not buying at the bottom is a crime if at all you are trying to time the market,' he said. 'By the time you muster the courage to enter, you've already missed 40% of the upmove.'He advised investors to look beyond narrative and into balance sheets. 'I go straight to 23 financial ratios,' he said. 'If two companies are equally profitable, but one collects its dues in 10 days while the other takes 90 days, the difference is huge.'Despite growing global uncertainty, Agrawal believes India is one of the only two countries in the world, alongside the United States, where macroeconomic growth consistently flows into long-term equity returns. 'There are 170 markets, but only these two allow for extrapolation of economic growth into stock performance,' he said.'India,' he said, 'is more predictable than the U.S.': Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
News18
21 minutes ago
- News18
Avenue Capital Group-backed ARCIL files IPO draft papers with Sebi
Last Updated: New Delhi, Aug 2 (PTI) Avenue Capital Group-backed Asset Reconstruction Company (India) Ltd (ARCIL) has filed its preliminary papers with markets regulator Sebi to mobilise funds through an initial share sale. ARCIL facilitates debt resolution and is the first asset reconstruction company to be incorporated in the country. The initial public offering (IPO) is entirely an offer for sale (OFS) of up to 10.54 crore equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed on Friday. As part of the OFS, promoters — New York-based Avenue Capital through its affiliate Avenue India Resurgence Pte Ltd is offloading up to 6.87 crore equity shares, and State Bank of India will be selling 1.94 crore shares. Federal Bank Ltd will also sell 10.35 lakh shares in the company. Meanwhile, Singapore-based GIC through its arm Lathe Investment Pte Ltd is exiting the firm by selling up to 1.62 crore equity shares or 5 per cent stake in ARCIL. Since the public issue is entirely an OFS, ARCIL will not receive any proceeds from the IPO. ARCIL is engaged in the business of acquiring stressed assets from banks and financial institutions and implementing resolution strategies through restructuring, enforcement of rights on underlying securities and settlement aimed at maximising recovery and optimising the value of such stressed assets in order to generate revenue streams. It is the first ARC to be incorporated in India, having received RBI registration in August 2003 under the SARFAESI Act, 2002, as per a CRISIL report. It completed its first stressed asset acquisition in December 2003. Mumbai-based ARCIL was the second most profitable ARC in India in FY24 with a standalone profit of Rs 305.34 crore, and the second largest by assets under management (AUM) at Rs 15,230 crore. It had the second largest net worth among private ARCs in India at Rs 2,462.5 crore on a standalone basis as on March 31, 2024, according to the report. As of March 31, 2025, it had acquired total principal debt of Rs 72,657 crore at a cost of Rs 38,156 crore or 52.51 per cent of the total principal debt and made recoveries of Rs 28,460 crore and the company's total borrowings stood at Rs 305.99 crore. ARCIL competes with the likes of Edelweiss ARC, Phoenix, JM Financial ARC, ACRE and Omkara. IIFL Capital Services, IDBI Capital Markets & Securities and JM Financial are the book-running lead managers while MUFG Intime India is the registrar for the IPO. The shares of the company are proposed to be listed on the BSE and NSE. PTI HG ANU view comments First Published: August 02, 2025, 14:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
