RBI Cracks Down on Mis-Selling by Banks
In a significant move to protect consumers, the Reserve Bank of India (RBI) is implementing a new framework from July 1 to curb the mis-selling of financial products. Under these new regulations, banks are prohibited from using deceptive marketing or forcing
customers to buy unsuitable products. If a bank is found to have mis-sold a financial product through misleading practices, the customer will be entitled to a full refund and compensation for any losses incurred. This rule empowers customers and aims to increase transparency and accountability in the banking sector.
Changes in Credit Card Rewards and Lounge Access
Several banks are updating their credit card terms and conditions from today. HDFC Bank has revised its criteria for complimentary domestic airport lounge access. Cardholders will now need to spend at least ₹60,000 in the preceding quarter to avail up to three free visits. For example, to get lounge access between July and September 2026, you must have spent ₹60,000 or more from April to June 2026. Similarly, SBI Card is changing the rewards structure for some of its co-branded cards, including new limits on earning points and expanding the list of transactions that do not qualify for rewards. Users should check with their specific bank to understand how these changes affect their card benefits.
Relief in Commercial LPG Prices
In a welcome development for businesses, the price of 19-kg commercial LPG cylinders has been reduced for the first time in 2026. Effective July 1, the price has been cut by up to ₹183.50 in cities like Delhi. This brings the cost in the national capital down to ₹2,930 from ₹3,113.50. The price reduction is expected to lower operational costs for restaurants, hotels, and other commercial establishments. However, the prices for 14.2-kg domestic LPG cylinders, used in most households, remain unchanged for July.
Passport Application Fees Increased
Applying for a passport will become more expensive from July 1. The Ministry of External Affairs has revised the service charges for both normal and Tatkaal passport applications in India and abroad. For instance, the fee for a new or re-issued 36-page ordinary passport will rise to ₹2,500 from ₹1,500. Applicants are advised to check the updated fee structure on the official passport portal before starting their application process to avoid any surprises.
Free Aadhaar Email Updates for a Limited Time
The Unique Identification Authority of India (UIDAI) has announced a temporary waiver of fees for updating the registered email address linked to your Aadhaar card. From July 1 until December 31, 2026, this service will be free of cost when done through the Aadhaar mobile app. Normally, this update incurs a charge of ₹75. This six-month window is an excellent opportunity for individuals to ensure their contact information is current, which is crucial for receiving OTPs and other important communications related to Aadhaar.
Important ITR Filing Deadline Approaches
While not a change effective today, July marks a critical month for taxpayers. The deadline for salaried individuals and HUFs who do not require an audit to file their Income Tax Returns (ITR) for the Financial Year 2025-26 is July 31, 2026. This applies to those filing ITR-1 and ITR-2 forms. Missing this deadline can lead to penalties, loss of certain tax benefits, and the inability to carry forward losses. It is advisable to file your returns well before the due date to avoid last-minute issues.
