Many major changes related to digital payments, banking and financial services have come into effect across the country from June 1, 2026. These changes will have a direct impact on crores of UPI users, bank customers and PF account holders. The biggest change will be seen on the UPI platform, where now before sending money, the real name of the person registered in the bank will be visible. Apart from this, changes have also been made in the rules related to PAN card, ATM transaction and PF withdrawal. The purpose of these new rules is to increase digital security, reduce online fraud and provide a better digital experience to the users. If you use UPI, banking apps or online financial services daily, then it is important to be aware of these changes.
Enhanced security in UPI payment, now real name will be visible
To make digital payments more secure, NPCI has implemented major changes in the UPI system. Now whenever a user transfers money through Google Pay, PhonePe, Paytm or any other UPI app, the real name of the person registered in the bank account will be visible on the screen before payment. This feature will work in all situations like scanning QR code, entering mobile number or making payment through UPI ID. This will help in preventing online fraud through fake names and false identities. Besides, the user will also be assured that his money is being sent to the correct account.
Relief in PAN card rules
Some important changes related to PAN card have also come into effect from June 1. Earlier, it was necessary to provide PAN card for depositing more than Rs 50 thousand in cash in a day in the bank, but now this condition has been relaxed. However, PAN card remains important for large financial transactions. The limit for PAN reporting in cases of buying and selling property has been increased from Rs 10 lakh to Rs 20 lakh. Apart from this, if a person withdraws more than Rs 10 lakh in cash in a financial year, then reporting rules will also apply to him. The government aims to strengthen digital tracking and increase transparency in financial transactions.
Charges may increase on ATM transactions
Another change in the banking sector is related to ATM services. Many big banks are preparing to make changes in their ATM transaction rules and fee structure. After reaching the limit of free transactions, you may have to pay more charges than before for services like cash withdrawal, balance check and mini statement. However, the rules of different banks may be different, hence customers are advised to keep an eye on the notifications and updates issued by their bank. Amidst the increasing use of digital banking, banks are taking this step to balance their network operations and service costs.
Entry of UPI in PF withdrawal
Employees Provident Fund Organization is soon going to make PF withdrawal easier. According to the department, testing of UPI based PF withdrawal system is almost complete and it can be implemented soon. After the launch of this facility, employees will not have to go through a long process to withdraw PF amount. They will be able to receive money directly into their account through the UPI platform. This will speed up the withdrawal process and also strengthen the digital finance ecosystem. This step will give a new direction to digital banking and fintech services in India.
Big update for train passengers also
The effect of technology and digital updates is also visible in railway services. Southern Railway has changed the time table of more than 200 suburban trains running on Chennai Beach, Tambaram and Chengalpattu rail corridor. Passengers traveling daily have been advised to check the latest timings on the station display board, railway mobile app and other digital platforms. Railways is continuously strengthening the digital information system so that passengers can get real time updates.
Also read:UPI made a new record! Digital payment crossed Rs 29.9 lakh crore in May
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