Daijiworld Media Network - Bengaluru

Bengaluru, Dec 25: As the new year approaches, significant changes are poised to transform India’s banking and financial landscape, directly affecting the daily transactions and financial planning of millions.

From January 1, 2026, customers and borrowers will notice a series of impactful reforms across lending, deposits, digital payments, and taxation.

Credit bureaus such as CIBIL, which have traditionally updated credit information once every 15 days, will now update weekly. Officials say this will offer a more accurate and timely view of borrowers’ financial behaviour, enabling lenders to make informed decisions.

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“This change ensures that credit histories reflect current financial activities, benefiting both banks and customers,” a banking source noted.

Major banks including SBI, PNB, and HDFC Bank are set to lower loan interest rates in the coming year, offering relief to borrowers. Fixed deposit rates are also under revision, promising better returns for depositors. Analysts predict these moves could stimulate borrowing and savings in the economy.

The government is enforcing stricter rules linking PAN and Aadhaar for UPI and other digital payment transactions. Individuals without a linked PAN and Aadhaar may face restrictions in accessing banking services and government facilities, officials warn.

The Income Tax Department will issue notifications in January detailing simplified ITR forms and regulations under the Income Tax Act, 2025. These changes, effective from April 1, 2026, aim to streamline tax filing and update provisions of the Income Tax Act, 1961, making compliance simpler and less time-consuming for taxpayers. “The new rules will significantly ease the filing process and bring greater clarity to taxpayers,” said a senior income tax official.

With these reforms, 2026 promises a more transparent, efficient, and customer-friendly financial ecosystem, impacting borrowing, saving, and taxation alike.