What’s New for Your Wallet: Key Financial Changes from July 1, 2025

A new financial quarter often brings a fresh set of rules and reforms — and this July is no exception. From upgraded digital payment systems to revised GST filing norms and more accessible gold loans, several new updates could directly affect how you bank, spend, or borrow.

Here are the key financial changes that will come into force:

1. NACH 3.0 Reloaded

The National Automated Clearing House (NACH), a centralized, web-based system in India that facilitates high-volume, recurring electronic transactions between banks, financial institutions, corporates, and the government, has been upgraded to Version 3.0. This will result in smoother and faster processing for recurring transactions like salary deposits, loan EMIs, utility bills, and mutual fund SIPs.

2. Aadhaar becomes mandatory for new PAN cards

Aadhaar authentication is now compulsory for all new PAN card applications that are made after July 1. The change is aimed at tightening identity checks, preventing duplication, and streamlining tax compliance. While this move won’t affect existing PAN holders, it’s a crucial requirement for first-time applicants.

3. Changes to HDFC Credit Card benefits

HDFC Bank has announced that it has changed its credit card rules from July 1. As a result, rent payments, wallet top-ups, and gaming spends may now incur extra fees. Reward points on insurance payments have been limited or removed on some cards, and lounge access terms have also changed.

Also Read: June 2025 Financial Rules Update: Key Changes In Bank Charges, FD Rates, LPG Prices & UPI Payments That Will Impact Your Wallet | Republic World

4. GST filing tightens

For businesspeople, the Goods and Services Tax Network (GSTN) has made GSTR-3B filings final — no changes can be made after submission. Corrections must now be done through a separate form, GSTR-1A. A new three-year limit has also been set for filing or amending returns.

5. Gold Loans to become affordable

The Reserve Bank of India (RBI) has relaxed norms for small-ticket gold loans (up to Rs 2.5 lakh). As a result, borrowers can now avail of credit with fewer formalities — including no mandatory credit appraisal — and a higher loan-to-value (LTV) ratio of up to 85%, up from the earlier 75%. This change is expected to benefit rural households and informal borrowers who depend on gold for quick liquidity, particularly during seasonal or emergency needs.