As India enters March 2026, several significant financial and regulatory updates are taking effect. These changes, driven by the Union Budget 2026-27 and new RBI directives, will impact everything from your banking hours to how you identify financial spam calls.
Here is a breakdown of the major changes starting this month.
RBI Directs Banks to Remain Open on 31 March
In a move to ensure smooth year-end accounting, the Reserve Bank of India (RBI) has ordered all agency banks handling government business to remain open on Tuesday, 31 March 2026. Although this day marks Mahavir Jayanti-a public holiday-branches must stay functional to process tax collections and government payments. This ensures that all transactions for the financial year 2025-26 are recorded before the books close.
New '1600' Calling Series for Stockbrokers
To combat the rising tide of financial fraud and "vishing," the Telecom Regulatory Authority of India (TRAI) has set a deadline of 15 March 2026 for all Qualified Stockbrokers (QSBs) to migrate to the 1600 numbering series. Following the transition of banks and mutual funds earlier this year, this change helps investors instantly identify legitimate calls from their brokers. If you receive a "financial" call from a standard 10-digit mobile number after this date, it is likely a scam.
Income Tax: New Deadline for Revised Returns
A major relief from the Union Budget 2026-27 comes into play this month. The deadline to file Revised Income Tax Returns (ITR) has been officially extended to 31 March. Previously, taxpayers only had until 31 December to fix errors in their filings. You can now use the month of March to correct any mistakes in your 2025-26 declarations by paying a nominal fee, helping you avoid potential penalties or scrutiny.
Simplified FASTag Rules
The National Highways Authority of India (NHAI) has officially discontinued the "Know Your Vehicle" (KYV) requirement for cars as of late February. Starting this March, commuters with existing FASTags no longer need to undergo routine KYV verification unless a specific complaint is raised. Additionally, for those using digital wallets like Bajaj Finserv, new FASTag Sub-Wallets go live on 3 March 2026 to better segregate toll funds from general balances.
Key Deadlines to Remember
| Deadline | Regulation Change | Impact |
| 1 March | NBFC Compliance | Smaller NBFCs and regional banks must adopt the '1600' series. |
| 3 March | FASTag Wallets | Automated migration to dedicated FASTag sub-wallets begins. |
| 15 March | Stockbroker Calls | All Qualified Stockbrokers must use verified '1600' numbers. |
| 31 March | Revised ITR | Final day to file corrected tax returns for the year. |
| 31 March | Banking Holiday | Banks stay open for govt. business despite Mahavir Jayanti. |
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