UPI limits to KYC verification: Key changes in finance rules from Aug 1

SBI Card discontinues complimentary air accident insurance for some of its products and PNB requests customers to complete identity verification

New rules for financial transactions come into effect on August 1, Friday, changing how consumers transact, save, and manage their banking relationships. Here’s a breakdown of what is new.

 

UPI limits

To improve efficiency during high-traffic periods, the National Payments Corporation of India (NPCI) has rolled out new guidelines for Unified Payments Interface (UPI) transactions:

 

Balance checks: Limited to 50 per day per UPI app. So, if you use two different apps, each can perform 50 balance checks daily.

 

Linked account: You can check linked bank accounts only 25 times per app per day.

 

Auto-pay timings: UPI autopay mandates will now be during off-peak hours: Before 10 am; between 1 pm and 5 pm; and after 9.30 pm.

 

 

Payment confirmation: A recipient’s banking name will now be displayed before payment confirmation to help users avoid sending money to the wrong person.

 

Status check attempts: You can now only check transaction status three times per transaction, with a minimum 90-second gap between each attempt.

 

SBI Card ends free air accident cover on some cards

State Bank of India (SBI) Card has announced the discontinuation of complimentary air accident insurance on several of its co-branded credit cards.

 

Cards affected: Both ELITE and PRIME variants offered through partnerships with UCO Bank, Central Bank of India, Karur Vysya Bank, and others.

 

Coverage loss: Insurance benefits ranging from Rs 50 lakh to Rs 1 crore will no longer be available on these cards from August 1.

 

Cardholders may need to explore standalone travel insurance policies if this coverage was a key benefit.

 

KYC deadline for Punjab National Bank customers

Punjab National Bank (PNB) has asked customers to complete KYC updates to comply by August 8, 2025. Failure to do so could lead to restrictions on account operations.

 

Fuel price changes and LPG revision  -Commercial LPG cylinder prices have been cut by Rs 33.50.

-Domestic LPG prices remain unchanged.

 

-CNG, PNG, and ATF prices may also be revised based on market conditions.

 

RBI extends trading hours

From today, the trading hours for market repo and Tri-Party Repos (TREPs) will be extended until 4:00 pm, as part of RBI’s phased rollout of longer market hours.

 

FASTag annual pass coming soon

 

Though not effective immediately, from August 15, vehicle owners can opt for a FASTag annual pass:

 

Cost: Rs 3,000

 

Benefit: Valid for 200 transactions or one year (whichever comes first)

 

Optional: Existing FASTag system remains unchanged for others.