As India steps into March 2026, a series of important financial and regulatory changes are coming into force. Announced through the Union Budget 2026–27 and fresh directives from the Reserve Bank of India (RBI) and other regulators, these updates will directly impact taxpayers, investors, bank customers and daily commuters.
Here’s a detailed look at what changes this month and how they may affect you.
RBI Orders Banks to Stay Open on March 31 Despite Holiday
The Reserve Bank of India has directed all agency banks handling government transactions to remain operational on Tuesday, March 31, 2026.
Notably, the day coincides with Mahavir Jayanti, a public holiday in many parts of the country. However, since March 31 marks the end of the financial year 2025–26, banks must stay open to ensure smooth processing of:
- Tax collections
- Government receipts
- Pension payments
- Other official transactions
The move is aimed at preventing last-minute disruptions and ensuring all government-related transactions are recorded before the financial year closes.
New ‘1600’ Calling Series to Tackle Financial Fraud
In a major step to combat financial fraud and voice phishing (“vishing”), the Telecom Regulatory Authority of India has mandated that all Qualified Stockbrokers (QSBs) migrate to the new ‘1600’ numbering series by March 15, 2026.
This follows a similar transition already completed by banks and mutual fund companies earlier this year.
What This Means for You:
- Genuine financial service calls will originate from numbers beginning with 1600.
- Any “investment” or “trading” call from a regular 10-digit mobile number after March 15 should raise a red flag.
- This system allows investors to quickly distinguish between legitimate calls and potential scams.
The measure is part of a broader effort to create a secure telecom environment for financial communications.
Income Tax Relief: Revised ITR Deadline Extended to March 31
A major relief measure introduced in the Union Budget 2026–27 takes effect this month.
Taxpayers can now file Revised Income Tax Returns (ITR) until March 31, instead of the earlier deadline of December 31.
Why This Matters:
- You get extra time to correct errors in your 2025–26 tax filings.
- Mistakes related to income disclosure, deductions or tax calculations can be rectified.
- A nominal late fee may apply, but this extension helps avoid penalties or scrutiny.
This move is expected to reduce compliance stress and improve voluntary corrections among taxpayers.
FASTag Rules Simplified; KYV Requirement Dropped
The National Highways Authority of India has officially discontinued the “Know Your Vehicle” (KYV) requirement for cars.
From March 2026:
- Existing FASTag users will not need routine KYV verification.
- Verification will only be required if a specific complaint or issue arises.
Additionally, users of digital wallets such as Bajaj Finserv will see the launch of dedicated FASTag Sub-Wallets from March 3, 2026.
What Changes:
- Toll payments will be automatically routed to a separate FASTag wallet.
- This helps users better segregate toll funds from general wallet balances.
- Improves transparency and tracking of toll expenses.
The updates aim to streamline toll payments and reduce unnecessary compliance steps for vehicle owners.
Key Financial Deadlines in March 2026
Here’s a quick summary of important dates to remember:
| Date | Regulation Change | Impact |
|---|---|---|
| March 1 | NBFC Compliance Deadline | Smaller NBFCs and regional banks must adopt the ‘1600’ calling series |
| March 3 | FASTag Sub-Wallet Migration Begins | Dedicated toll wallets activated |
| March 15 | Stockbrokers Must Use ‘1600’ Numbers | Helps investors identify verified calls |
| March 31 | Last Date for Revised ITR Filing | Final opportunity to correct 2025–26 returns |
| March 31 | Banks Open for Government Transactions | Despite Mahavir Jayanti holiday |
The Bigger Picture
March 2026 brings a mix of compliance relief and tighter anti-fraud safeguards. While taxpayers benefit from extended filing deadlines, investors and banking customers gain stronger protection against financial scams. Meanwhile, streamlined FASTag norms reduce friction for daily commuters.
With multiple deadlines converging at the end of the month, staying informed and planning ahead will help avoid penalties, missed opportunities or last-minute hassles.