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

July 25: Many a times, the first day of the month falls on the weekend, because of which people have to wait till Monday, for their salary to be credited. However, from August 1, bank customers will see several changes in important banking transactions like salary, pension and EMI payments. This is because the Reserve Bank of India (RBI) has changed the rules of the National Automated Clearing House (NACH) which will come into effect from August 1, 2021.

RBI Governor Shaktikanta Das, during the credit policy review of June, had announced that customers would be able to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH on all days of the week. According to the changes made to NACH, bank customers will not have to wait for a working day for their salary or pensions to be credited into their account. From August 1 onwards, customers will be able to perform these transactions any day of the week, including weekends.’

Mint wrote, “From next month (1 August), people you will not have to wait for a working day to see the most awaited message, ‘Salary of XXXX has been credited into your account XXX-XXXXXX-XX. The available balance is XXXX’.”