New rules for ATMs, UPI, NPS, and LPG: 5 big October 2026 money changes to impact your finances and banking
Starting October 1, several new financial regulations have come into effect. These include the commencement of UPI (Unified Payments Interface, an instant real-time payment system) Merchant Discount Rate (MDR) charges on certain transactions from October 15, and alterations to State Bank of India's Basic Savings Bank Deposit (BSBD) account fees. Additionally, Know Your Customer (KYC, the process of verifying a customer's identity) requirements have become mandatory for LPG consumers, affecting documentation processes.
What this means
The introduction of UPI MDR charges for specific transactions could reshape digital payment economics for merchants and Payment Service Providers (PSPs). Changes to BSBD account fees may affect financial inclusion efforts, while expanded KYC requirements underscore a broader regulatory push for financial transparency across sectors.
Most affected: Retail banking, digital payments, financial inclusion
Key takeaway: Understand the specifics of new UPI MDR charges and adjust strategies for merchant engagement and consumer education, particularly for small-value transactions.
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