RBI Update: Salary, pension, EMI payment rules to change from August 1

Come August 1,  bank customers will see several changes in important banking transactions like salary, pension and EMI payments. The Reserve Bank of India has come up with new guidelines and further changed the rules of the National Automated Clearing House (NACH).

From next month, you don’t have to wait for working days to get your salary credited in your account as these services will be available throughout the week and also on weekends.

The Reserve Bank of India (RBI) has further changed the rules of the National Automated Clearing House (NACH) and according to the new guidelines, the services of NACH will be available seven days a week. Currently, these services are available only when banks are open, from Monday to Friday. 

The new NACH rules showed that the payments such as salary and pensions can be transferred on weekends which is not possible now as it is only available when the banks are open. 

Sometimes when the first day of the month falls on the weekend, the salary disbursal is delayed as banks are not open and on the next working day, it is credited.  

Recently, RBI Governor Shaktikanta Das had announced several key financial, economic measures amid the pandemic. Among other measures, he had announced 24×7 availability of RTGS and NACH from August 1, 2021.

A bulk payment system operated by the National Payments Corporation of India (NPCI), NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc and the collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium etc.