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Mint
14 hours ago
- Business
- Mint
Aadhaar-PAN, Tatkal tickets, UPI chargeback & more: New money rules in July 2025 you need to know
Money rule changes from July 2025: A set of financial rules will be implemented from July 2025 onwards, which is likely to affect individuals and businesses across India. The revised UPI chargeback rules, new Tatkal train ticket booking norms, and the requirement to have Aadhar to apply for a PAN card are some of the money rules and initiatives that will be implemented from July 2025 onwards. Check out the important money rule changes starting July 2025 that all individuals and businesses must know: National Payment Corporation of India (NPCI) recently announced changes to UPI chargeback rules, with the aim of simplifying the process. As per the present system, when a chargeback request is denied, mostly due to numerous claims, even in legitimate cases, the bank is required to contact NPCI to whitelist the case through the UPI Reference Complaints System (URCS). According to the announcement on June 20, 2025, NPCI's intervention will no longer be required in such instances. Financial institutions may directly classify authentic declined chargebacks as eligible for reprocessing without awaiting approval from NPCI. Aadhaar card will become mandatory to apply for a new PAN card from July 1, 2025, onwards. Earlier, any valid ID card and a birth certificate were required to apply for a PAN card. However, from July 1, 2025 Aadhaar verification will become a necessary step, according to the Central Board of Direct Taxes (CBDT). From July 2025, several Tatkal ticket booking rules will come into effect. Aadhaar verification will become mandatory for Tatkal train tickets through the website of IRCTC or its mobile app from July 1, 2025, onwards. One-time password (OTP) will be necessary for Tatkal train ticket bookings from July 15 onwards, which means that customers will receive a code on their devices while booking the tickets. OTP authentication will be needed for Tatkal tickets booked at computerised Passenger Reservation System (PRS) counters as well. Indian Railways has introduced a time restriction for authorised ticketing agents, where they cannot book Tatkal tickets within the first 30 minutes after the booking window opens. The restriction window for AC-class Tatkal tickets is from 10:00 am to 10:30 am, and for non-AC-class Tatkal tickets, it is from 11:00 am to 11:30 am. The Goods and Services Tax Network (GSTN) on June 7, 2025 announced that the monthly GST payment form GSTR-3B will become non-editable from July 2025 onwards. Additionally, taxpayers will not be allowed to file their GST returns after the expiry of a period of three years from the due date, GSTN stated. The impacted forms consist of GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. HDFC Bank has announced new credit card fees and updates to its rewards program, which will take effect on July 1. These changes include a 1% fee on monthly spends of more than ₹ 10,000, utility bill payments of more than ₹ 50,000, online gaming transactions of over ₹ 10,000, rent payments, fuel payments of ₹ 15,000, and education-related payments made via third-party apps. These charges are capped at ₹ 4,999. Additionally, no reward points will be available for online skill-based gaming transactions, monthly limit on insurance reward points.
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Business Standard
2 days ago
- Business
- Business Standard
1 in 5 UPI users faced fraud; 51% victims didn't report, reveals survey
One in five families with a Unified Payments Interface (UPI) user has experienced fraud at least once in the past three years, according to a new survey conducted by LocalCircles. The findings come as UPI transactions have soared, with 185.8 billion transactions recorded in FY2024–25 — a 41.7 per cent increase from the previous year, accounting for 83.4 per cent of the total digital payment volume in the country. The survey, which gathered over 32,000 responses from UPI users across 365 districts, found that fraudsters are exploiting the rapid adoption of UPI through a variety of tactics. Of those who reported experiencing fraud: Many victims experienced more than one type of fraud, underscoring the sophisticated and evolving methods used by cybercriminals. Underreporting of fraud incidents A particularly concerning finding is that 51 per cent of those who experienced UPI fraud did not file any official complaint, whether with the police, their bank, the UPI platform, or regulatory bodies such as the National Payments Corporation of India (NPCI) or the Reserve Bank of India (RBI). This significant underreporting suggests that the true scale of UPI-related fraud is likely much higher than official statistics indicate. Regulatory and technological response The RBI's Annual Report for FY2024–25 noted a sharp rise in digital payment frauds, with 13,516 cases accounting for 56.5 per cent of all reported banking frauds and losses totalling Rs 520 crore. While not all these cases are UPI-specific, the inclusion of UPI in these figures reflects its vulnerability as a target for fraudsters. To combat these threats, several measures have been implemented: - The RBI has set up the Central Payment Fraud Information Registry (CPFIR), which uses artificial intelligence and machine learning to track and report payment frauds. - Security features such as device binding, PIN-based two-factor authentication, and daily transaction limits have been introduced. The daily UPI transaction limit is Rs 1 lakh, with higher limits for specific transaction types. - The government has launched the National Cybercrime Reporting Portal and helpline 1930 for reporting suspicious activities. - The RBI is developing a Digital Payments Intelligence Platform, leveraging advanced technologies for real-time fraud detection and mitigation. A committee led by former NPCI MD and CEO AP Hota is overseeing this initiative. - In December 2024, the RBI introduced an AI-ML-based tool to identify mule accounts used for illegal activities, piloted successfully in two public sector banks. - Exclusive internet domains (. and . are being rolled out to combat phishing and enhance trust in digital banking. Public awareness, need for simplified reporting Despite these measures, user feedback from the survey indicates a pressing need for easier, single-click fraud complaint reporting that is both responsive and effective. Many users expressed frustration with the complexity and inefficiency of current reporting mechanisms. The study recommends that all stakeholders—including the government, RBI, NPCI, banks, and payment platforms — work towards a streamlined, user-friendly system for fraud reporting, with timely response and resolution.
Time of India
4 days ago
- Business
- Time of India
NPCI reports 42% jump in FY25 profit; revenue grows to Rs 3,270 crore
The National Payments Corporation of India (NPCI), which operates India's homegrown Unified Payments Interface (UPI), reported a 41.7% jump in its net profit to Rs 1,552 crore for fiscal year 2025, according to data from rating agency ICRA . As a not-for-profit organisation, NPCI does not report profits, but instead refers to them as a revenue surplus. For the financial year ended March 2025, NPCI's standalone revenue rose 19% to Rs 3,270 crore from Rs 2,749 crore in FY24. Healthy internal accruals pushed up its net worth to Rs 6,412 crore as of March 31, ICRA noted. NPCI generates revenue primarily by operating digital payment infrastructures such as UPI, IMPS (Immediate Payment Service), AePS (Aadhaar-enabled Payment System), BBPS (Bharat Bill Payment System), and NCMC (National Common Mobility Card). It earns a percentage of the transaction value processed by partner banks. The total number of transactions processed by NPCI surged 33% to 21,360 crore in FY25 from 16,100 crore in FY24, the report noted. The rise in NPCI's earnings comes at a time when payment firms have been pushing for the introduction of merchant discount rates (MDR) on UPI transactions , citing monetisation challenges. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories MDR on UPI refers to the fee charged to merchants for processing digital payments made via the UPI platform. However, earlier this month, the Finance Ministry clarified that UPI transactions will continue to remain free and dismissed speculation around MDR being introduced. NPCI also earns revenue from product and membership fees collected from banks and fintech companies. Established in 2008 by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), NPCI functions as an umbrella entity to build and manage the country's digital payments infrastructure. Launched in 2016, UPI, its flagship offering, allows real-time bank-to-bank transfers via mobile devices. As of May 31, 2025, it had 65 shareholders, including public sector, private, and foreign banks. The platform saw rapid adoption following demonetisation, rising smartphone use, and the entry of private entities into the digital payments ecosystem. However, UPI's volume growth has started to slow as it approaches saturation, ET reported on April 7 . UPI has also faced multiple service disruptions in recent months, affecting users of platforms such as Google Pay, PhonePe, and Paytm, along with several banking apps. NPCI attributed the outage on April 12 to a surge in application programming interface (API) requests, particularly from certain banks overusing the 'Check Transaction' API, which led to a temporary system slowdown and reduced payment success rates. In May 2025, UPI processed 18.6 billion transactions, with the total transaction value reaching Rs 25.14 crore. As per the latest numbers, PhonePe, Google Pay, and Paytm continue to dominate UPI volumes, followed by newer companies Navi, Flipkart-backed and Cred, which are trying to grow their share through cashback and reward-led incentives. To support the UPI ecosystem, the Union Cabinet earlier this year approved a Rs 1,500 crore incentive scheme aimed at offsetting the cost of small-ticket digital transactions. However, fintech companies have argued that the fund is insufficient, given the scale and volume of the ecosystem. NPCI currently has two wholly owned subsidiaries, NPCI International Payments Limited (NIPL) and NPCI Bharat BillPay Limited (NBBL). While NIPL is focused on expanding UPI and RuPay in international markets through partnerships, NBBL operates the infrastructure for digital bill payments, connecting utility billers with customers through third-party payment apps. ICRA noted that NPCI must continue to strengthen risk management and upgrade its technology infrastructure to maintain its dominant position and support rising transaction volumes.
Mint
5 days ago
- Business
- Mint
How to add a credit card to Amazon using the mobile app? A step-by-step guide
As digital payments gain traction in the country with more shoppers and general card users, most of them are opting for credit cards for their rewards, EMI options, seamless payments and overall financial safety. The Amazon mobile application permits users to add and efficiently manage credit cards easily in just a few clicks. To help you with the same, you must check out this simple guide if you are looking to link your credit card on the Amazon application. Open the Amazon mobile application and then log in to your account using your registered mobile number or email. You might be required to enter an OTP i.e., one time password to initiate account creation if you are a new user. Then click on the menu icon. This icon is usually found at the bottom right or top left corner of the application. If in doubt you can take help from the Amazon customer support assistant. Then click on the 'Your Account' option from the menu. Through this you will be able to update or edit your bill payment options. Post the same scroll down and then click on the 'Manage Payment Options' under the 'Payments' section. Tap on 'Add a Credit or Debit Card'. Through this you will be provided the option to add your credit card in the application and allow seamless transactions for any future purchases. Following the steps as given in the application enter your card number, name on card, expiry date and CVV. Complete verification using the OTP sent by your bank, and your card will be securely added. You should also check the 'remember me option' so that you are not required to add the details again. Amazon uses a highly secure encryption based payment system and complies with the Payment Card Industry Data Security Standard i.e., PCI DSS security standards. Due to the same credit card users are encouraged to add cards only over secure internet connections and never share OTPs, CVVs or any other confidential information with anyone else while going through the process of credit card addition. The application permits users to store several different credit cards or debit cards at a time. To ensure seamless transactions. The users are also permitted to edit or delete any saved card anytime under the same option of 'Manage Payment Options' segment. According to NPCI data, it is important to acknowledge the fact that the UPI transactions in the country have crossed 25,14,297.01 in May 2025. This clearly signifies the rise in digital commerce and credit cards remain a preferred option for users shopping online. As this provides them with seamless credit card transactions, smooth purchases and easier product deliveries. That is why adding your card to Amazon streamlines the entire checkout process and fosters faster and more secure payments. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Mint
5 days ago
- Business
- Mint
THESE UPI chargeback rules will come into force from July 15. Check details here
National Payment Corporation of India (NPCI) has announced a modification in UPI chargeback rules and procedures per a circular dated June 20. The latest announcement has simplified the rules which govern declined chargebacks. Currently, when UPI chargeback requests are declined (because too many such requests were raised) but the due diligence shows that the chargeback was indeed genuine. Then the bank in those cases can raise a request to NPCI for whitelisting the dispute post through URCS. Now the new rule states that the banks do not need NPCI intervention for whitelisting the disputes. NPCI has simplified the process as it allows issuing/remitting banks to raise chargeback. This good faith dispute is named as RGNB (remitting bank raising good faith negative chargeback). RGNB adjustment should be raised by the issuing/remitting bank only when URCS (Unified Real-time Clearing and Settlement). declines the normal chargeback with CD1 and CD2 reason code. This option is available only through the front end. This option should not be used to avoid any compensation and penalties, and any deviation will be treated as non-compliance to the NPCI guidelines. The circular states that member banks are advised to take a note and disseminate the information to the officials concerned. This functionality will be implemented in URCS with effect from July 15, 2025. This latest circular is a follow up notification to the previous one that was issued on Dec 5, 2023, which stated that a section of the users was trying to exploit the chargeback procedure to gain unduly. To bring more discipline and efficiency into the process, NPCI in Dec 2024 had rolled out certain changes which put a cap on total chargebacks which stands at 10 per customer in 30 days rolling and 5 chargebacks per payer and payee combination in 30 days rolling. NPCI also reduced the turn-around time to 30 days for raising chargeback on small and offline merchants. The reason code CD 1 refers to declining the 11th chargeback for IFSC and account combination, and reason code CD2 refers to declining the 6th chargeback for payer-payee combination. As explained in the background above, NPCI – in Dec 2023 – put a cap on the number of chargebacks each month. These caps were 10 per customer and 5 per payer-payee combination. So, when the 11th or 6th chargeback is claimed, it is rejected with reason CD1 or CD2 respectively. For all personal finance updates, visit here
