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

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. 

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.