Editor’s Note
As the new year begins, major banks are adjusting their interest rates. Borrowers may find relief with cheaper home and personal loans, while savers should review fixed deposit terms, as changes could bring slight benefits or losses depending on the institution.
The beginning of the new year will see several major banks reducing interest rates on loans. Home loans and personal loans may become cheaper. Meanwhile, new interest rates will be implemented on fixed deposits, which could result in either a slight benefit or loss for savers, depending on the bank.
From January 1, 2026, linking PAN and Aadhaar will become essential for almost all banking and government services. If this link is not completed, several account-related facilities could be suspended.
There will no longer be a long wait for credit score updates. Previously updated every 15 days, it will now be updated weekly. This will benefit loan applicants, as the impact of timely EMI payments will be visible sooner, and banks will also be able to make more accurate decisions.
To prevent digital fraud, rules related to UPI, mobile numbers, and bank accounts will be made stricter. Special attention will be paid to SIM verification and digital identity, aiming to curb online fraud cases.
The government is preparing to tighten social media rules for children under 16 years of age. New rules may mandate features like age verification and parental controls to enhance children’s online safety.
To reduce pollution, new restrictions may be imposed on old or commercial petrol-diesel vehicles in some major cities. This could also impact cab, delivery, and logistics services.
To avail benefits under the PM-Kisan scheme, a unique farmer ID will be mandatory in some states. Meanwhile, under the crop insurance scheme, losses caused by wild animals will be covered if reported within a stipulated time.
As every year, changes in the prices of LPG, commercial gas, and aviation fuel are possible from January 1. Additionally, the introduction of a new pre-filled ITR form will make tax filing easier, but scrutiny may become stricter than before.