Major Changes Coming from August 1: New UPI Limits, Gas Prices, Insurance Cover—Here’s What You Need to Know
New Delhi (The Uttam Hindu): Starting August 1, several important rule changes across digital payments, banking, insurance, and fuel prices will come into effect—directly impacting the common man’s everyday life.
As per new guidelines issued by the National Payments Corporation of India (NPCI), UPI users will now be limited to checking their account balance only 50 times a day. This cap applies separately to each UPI app a user may have. The move aims to reduce unnecessary load on the payment infrastructure.
In addition, auto-debit (AutoPay) functionality will be restricted to specific hours—before 10:00 AM, between 1:00 PM to 5:00 PM, and after 9:30 PM. This limits the time window for automated payments. Users will also be allowed to check UPI transaction status only three times within 90 seconds to avoid system misuse.
One significant update is the introduction of full beneficiary name display before confirming any UPI transfer. This is intended to prevent payment errors and fraud by helping users verify the recipient’s identity before money is sent.
Meanwhile, State Bank of India (SBI) has announced that from August 1, it will discontinue the ₹1 crore complimentary air accident insurance cover on certain co-branded credit cards, including those with UCO Bank, Central Bank of India, Karur Vysya Bank, and others under the "Elite" and "Signature" categories.
In the fuel sector, the prices of domestic and commercial LPG cylinders are expected to be revised on August 1. As usual, oil companies will adjust the rates based on global market trends and currency exchange rates. Lastly, the Reserve Bank of India (RBI) is expected to hold its next Monetary Policy Committee (MPC) meeting between August 4 and 6. Any change in the repo rate during this session may directly affect loan EMIs for millions of consumers.