RBI's New Rules to Prevent Mis-Selling
In a significant move to protect consumers, the Reserve Bank of India (RBI) is rolling out a new framework from July 1 to stop banks from mis-selling financial products. This means if a bank or its representative sells you a loan, insurance policy, or investment
product using misleading information or by hiding key details, you have stronger recourse. Under the new guidelines, if mis-selling is proven, you will be entitled to a full refund and compensation for any losses incurred. This change empowers customers and places a greater responsibility on banks to be transparent and ensure the products they sell are genuinely suitable for the buyer's needs.
Credit Card Perks Get Tighter
If you enjoy complimentary airport lounge access, it's time to check your card’s terms and conditions. Several banks are revising their policies. For instance, HDFC Bank cardholders will now need to have spent at least ₹60,000 in the previous quarter to get free domestic lounge visits. This means to get access between July and September, you needed to have hit that spending target between April and June. Similarly, SBI Card is changing the rewards structure for some of its co-branded cards, which could alter how you earn points on different types of spending. These changes are part of a broader trend where banks are linking benefits more closely to spending levels.
Reminder: The Income Tax Filing Deadline
July is a crucial month for taxpayers. The deadline for salaried individuals and those filing ITR-1 or ITR-2 forms for the Financial Year 2025-26 (Assessment Year 2026-27) is July 31, 2026. It is essential to file your return on time to avoid penalties, which can be up to ₹5,000 for those with an annual income over ₹5 lakh. Missing the deadline also means you might not be able to carry forward certain losses or choose specific tax regimes, so it’s best to get it done early.
Update Your Aadhaar Email for Free
Here's a small but welcome relief. The Unique Identification Authority of India (UIDAI) has announced a special window to update your email address on your Aadhaar card for free. From July 1 until December 31, 2026, the usual fee of ₹75 for this service through the Aadhaar mobile app will be waived. Keeping your contact details updated on your Aadhaar is crucial as it is linked to many financial services and is used for authentication purposes. This six-month waiver is a good opportunity to ensure your details are current without any cost.
Passport Fees are Increasing
If you're planning to apply for a new passport or get your current one renewed, be prepared to pay more. The Ministry of External Affairs has increased passport application fees, with the new charges coming into effect from July 1, 2026. The revised fees will apply to both normal and Tatkaal services, for applications made in India and abroad. For example, a new 36-page ordinary passport will now cost ₹2,500, up from ₹1,500, while the Tatkal fee for the same has increased from ₹3,500 to ₹5,000.
