Major Monetary Evolutions that You have to Know Since August 1
As a new month, August 2025, dawns, it is anticipated that a reformation wave in the regulation might occur, and this may have a very big potential impact in your day-to-day financial endeavors.
Digital payments are now the norm, basic highway tolling, credit card perks and other changes are what you should be aware of.
Among the updates, the introduction of a FASTag annual pass is lauded as one of them, and the pass is expected to be introduced starting August 15, 2025. In this new system, owners of private vehicles have a choice of paying an annual toll in advance, this is about 3000 rupees, and gives them either 200 toll collections or one year, whichever is earlier.
This Ministry of Road Transport and Highways initiative targets high-frequency users of the highways, and it allows a simpler and more economical method of payment of the toll.
Notably, this pass is not mandatory; users are free to carry on with the current model of FASTag payment situation that works on a pay-per-use basis.
As of August 11, 2025, SBI Card will abolish the free air accident insurance it previously provided on some of its co-branded credit cards. This will lead to the modification of premium cards such as ELITE, PRIME and some of the Platinum variants, which had coverage amounts of up to 50 lakhs and up to 1 crore.
Insurance coverage is a crucial consideration by the customers and efforts should be made by the customers to ensure that they check their card benefits and prepare accordingly.
The National Payments Corporation of India (NPCI) has also come up with new guidelines to make the use of UPI more efficient and avoid abuse of the system.
As of August, some payment apps and banks will have to control balance queries and API access, such as Autopay Mandate Execution and Validate Address features. The measures are meant to reduce load and simplify UPI transactions on various platforms such as Paytm, PhonePe and Google Pay.
Finally, Punjab National Bank (PNB) has given the cut-off date to customers whose pending KYCs were June 30 in the foreseeable future of August 8, 2025.
According to the RBI norms, those accounts whose KYC details are not revised shall be limited or suspended. It encourages customers to go to their branch or update online in order to prevent interruptions in services.
Be aware of what is going on and make the appropriate moves to adapt to these new regulations so that you can continue banking and financial management without any hitch in the following weeks.
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