Major financial reforms: Banking, Aadhaar, SBI Card, GST rules changes in November

From 1 November 2025, several substantial updates will reshape financial regulations for individuals and businesses across India. These changes, spanning banking, Aadhaar, pension systems, credit card fees, and Goods and Services Tax (GST) registration, are expected to streamline operations, enhance compliance, and improve accessibility.

Stakeholders, including bank customers, pensioners, credit card holders, and small businesses, are advised to familiarise themselves with the new provisions to prevent service interruptions and optimise benefits under the revised rules. The comprehensive reforms reflect efforts to simplify processes while maintaining security and regulatory oversight in a rapidly evolving financial environment.

Banking details

Banking customers will be able to nominate up to four individuals per account, locker, or safe custody item from 1 November. This modernised approach aims to ease fund access for families during emergencies and reduce legal disputes over ownership. The process for adding or changing nominees has also been streamlined, making it more convenient for account holders to update nomination details as circumstances change. These measures are designed to improve efficiency and transparency within the banking system, aligning with broader efforts to modernise financial services.

SBI credit cards

State Bank of India (SBI) credit card users will notice adjustments in fee structures beginning this month. Notably, a 1 percent fee will now apply to education-related payments processed through third-party payment apps, as well as to wallet top-ups exceeding Rs 1,000. These changes reflect a shift towards increased oversight of digital payments and are likely to influence spending habits, especially for consumers who rely on digital wallets for everyday transactions and educational expenses.

Aadhaar update

The Unique Identification Authority of India (UIDAI) is introducing a simplified Aadhaar update procedure, enabling users to edit key details such as name, address, date of birth, and mobile number online without requiring supporting documents. Biometric changes, however, will still necessitate a visit to a physical Aadhaar centre. The revised fee structure sets non-biometric updates at Rs 75 and biometric updates at Rs 125, providing clarity and consistency for users seeking to update their identification records.

Life certificate

November is critical for pensioners, as retirees must submit their annual Life Certificate between 1 and 30 November to ensure continued pension payments. Furthermore, the deadline for central government employees to switch from the National Pension System (NPS) to the Unified Pension Scheme (UPS) has been extended to 30 November, offering more time for those considering a transition. These regulatory deadlines are intended to support pensioners’ financial security and provide flexibility in retirement planning for government employees.

GST registration

Small businesses are set to benefit from a new GST registration system effective from 1 November, designed to simplify the compliance process. The revised system aims to make registration more accessible and less time-consuming, particularly for smaller enterprises that often face administrative hurdles. Regulatory authorities encourage all affected parties to review the new procedures thoroughly to avoid potential disruptions in their operations or compliance status.