The month of August will bring several changes to banking rules, which will impact the day-to-day operations performed by account holders. While those paying the equated monthly installments (EMIs) and receiving salaries will benefit, these changes could pinch account holders who use ATM cards frequently. The changes coming into force from Sunday are a result of changes in rules introduced by the Reserve Bank of India (RBI) and regular updates introduced by banks. The NACH has been developed by the National Payments Corporation of India (NPCI) and is available only on bank working days. ATM interchange is the charge paid by the bank that issues the card to the bank where it is used to withdraw cash.

Source: Hindustan Times July 31, 2021 05:37 UTC