A new financial year beginning April 1, 2026, will bring a series of changes affecting everyday money matters, from digital payments and ATM usage to Railway ticket cancellations and PAN compliance. The updates span multiple sectors and are expected to influence how people transact, travel and manage finances.
Digital payments get stronger authentication
The Reserve Bank of India (RBI) has made two-factor authentication mandatory across UPI and card-based transactions from April 1. The move is aimed at strengthening fraud prevention.
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The RBI, in its September 25, 2025 notification, defined authentication factors as customer credentials. It explained that authentication can come from "something the user has", "something the user knows" or "something the user is".
New methods include OTPs, PINs, passwords, fingerprints, passphrases, software tokens, hardware cards and biometric verification, including Aadhaar-based authentication.
Railway ticket refund window revised
Indian Railways has tightened cancellation rules, reducing the refund window. Passengers cancelling tickets within 8 hours of departure will now receive no refund.
Cancellations made between 8 and 24 hours before departure will attract a 50 per cent deduction, while those between 24 and 72 hours will see a 25 per cent deduction. Existing rules will apply for cancellations beyond 72 hours.
FASTag annual pass fee increased
The National Highways Authority of India has revised the FASTag annual pass fee to Rs 3,075, up from Rs 3,000. The pass for private non-commercial vehicles will remain valid for one year or up to 200 trips, whichever comes first, and will continue to work across national highways and expressways.
PAN compliance tightened
PAN-related rules are also being strengthened. Applicants must use updated forms and submit additional documentation for date of birth proof. Quoting PAN will now be mandatory for applying for credit cards.
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Banks will not issue new cards without PAN, and existing users will be required to link their cards to PAN.
Silver allowed as loan collateral
Under new norms, regulated entities including banks and NBFCs can extend loans against silver jewellery, ornaments and coins. The change comes under the 'Lending Against Gold and Silver Collateral Directions, 2025', expanding secured lending options beyond gold.
ATM usage and card benefits revised
Banks have updated ATM rules, tightening free transaction limits and increasing charges beyond thresholds. Some lenders will also count UPI-based ATM withdrawals within monthly limits. Certain banks have revised debit card withdrawal caps, while others introduced penalties for failed transactions due to insufficient balance.
Credit card users may also see revised rewards, cashback structures, and charges on specific spending categories.
Labour codes may affect salary structure
The implementation of new labour codes could require at least 50 per cent of total compensation to be basic wages. This may reduce take-home pay while increasing contributions toward provident fund and retirement benefits.
