CKYC 2.0 and Other Key Financial Rule Changes Effective 1 August 2026

1 August 2026National

From 1 August 2026, the upgraded Central KYC (CKYC 2.0) framework takes effect under the One Nation, One KYC vision, jointly developed by RBI, SEBI and IRDAI. It uses real-time APIs and OTP-based customer consent, allowing banks, insurers and mutual funds to verify identity instantly via mobile number or PAN, with Aadhaar-linked authentication and AI-driven fraud prevention. Other changes from 1 August 2026 include revised LPG cylinder prices, new Railway Tatkal ticket booking rules, updated banking/credit-card charges, and the ITR filing deadline for salaried employees.

Static GK

CKYC is managed by CERSAI | RBI Governor: Sanjay Malhotra | SEBI Chairman: Tuhin Kanta Pandey | IRDAI HQ: Hyderabad

⚡ Quick Revision

CKYC 2.0 (One Nation, One KYC) rolls out from 1 August 2026 — real-time APIs + OTP consent by RBI/SEBI/IRDAI — alongside changes to LPG prices, Tatkal rules and ITR deadlines.

ShareWhatsApp Telegram

More Economy Current Affairs

India's July 2026 Gross GST Collection Rises 15.4% to Rs 2.11 Lakh Crore

India's gross Goods and Services Tax (GST) collection rose 15.4% year-on-year to Rs 2.11 lakh crore in July 2026, driven by strong import revenue. Domestic GST grew 10.1% to Rs 1.45 lakh crore, while GST from imports surged 28.8% to Rs 66,511 crore. After refunds, net GST revenue rose 15.8% to Rs 1.81 lakh crore. Cumulative gross collection for April-July 2026 reached Rs 8.43 lakh crore (up 10.1%). GST was rolled out on 1 July 2017 via the 101st Constitutional Amendment Act, 2016; the GST Council (a constitutional body under Article 279A) is chaired by the Union Finance Minister, and the main tax slabs are 5%, 12%, 18% and 28%.

GK ByteGST rolled out 1 July 2017 via the 101st Constitutional Amendment Act, 2016 | GST Council - Article 279A, chaired by Union Finance Minister | Main slabs: 5%, 12%, 18%, 28%

📅 2 Aug 2026EconomyRead complete →

India-Maldives Favara-UPI Cross-Border Payment Corridor Goes Live

The Favara-UPI cross-border payment corridor between the Maldives and India became operational on 30 July 2026, connecting the Maldives Instant Payment System Favara with India's Unified Payments Interface (UPI). Customers of participating Maldivian banks can now transfer funds in real time to UPI-enabled Indian bank accounts, supporting faster remittances and digital financial cooperation. Favara is the Maldives' real-time payment system launched in 2023 by the Maldives Monetary Authority (MMA). The integration makes the Maldives the 10th country where UPI is live, after UAE, Singapore, Bhutan, Nepal, Sri Lanka, Mauritius, France, Cambodia and Seychelles. UPI's global rollout is managed by NPCI International Payments Limited (NIPL).

GK ByteUPI operated by NPCI; global arm NIPL | Maldives' payment system: Favara | UPI now live in 10 countries

📅 2 Aug 2026EconomyRead complete →

SBI Card and Google Pay Launch UPI-Linked Co-Branded Google Pay Flex SBI Card

In July 2026, SBI Cards and Payment Services Ltd, in partnership with Google Pay, launched a co-branded credit card, the Google Pay Flex SBI Card. Available on both RuPay and Visa networks, the RuPay variant supports UPI linkage for payments at UPI-enabled merchants. The card offers annual rewards of up to Rs 18,000 on eligible spends (1 Star = Rs 1; up to 8 Stars per Rs 500 spent), a joining/renewal fee of Rs 499, a renewal-fee waiver on annual spends of Rs 1 lakh, and EMI conversion of dues. SBI Card (launched Oct 1998) is headquartered in Gurugram, Haryana.

GK ByteSBI Chairman: C. S. Setty | SBI Card HQ: Gurugram | UPI and RuPay are operated by NPCI | Only RuPay credit cards can be linked to UPI

📅 1 Aug 2026EconomyRead complete →

ADB Approves USD 850 Million Loan to Accelerate Rooftop Solar under PM Surya Ghar Yojana

In July 2026, the Asian Development Bank (ADB) approved an USD 850 million loan to support the Government of India's Prime Minister Surya Ghar: Muft Bijli Yojana (PMSG-MBY) by accelerating rooftop solar adoption. This is Subprogram 2 of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Program, building on Subprogram 1 (approved November 2025). The financing will help India achieve its target of 30 GW cumulative rooftop solar capacity by FY27, reduce 28.8 million tonnes of CO2-equivalent emissions, and expand affordable solar access.

GK ByteADB HQ: Manila, Philippines; President: Masato Kanda; est. 1966 | PM Surya Ghar Yojana launched: Feb 2024 | Nodal ministry: MNRE

📅 1 Aug 2026EconomyRead complete →

See all Banking & Economy →All Current Affairs