New RBI Rules: Services of NACH will now be available seven days a week. At present, its facilities are available only when banks are open.
New Delhi: New RBI Rules: From August 1, i.e. today, many changes are taking place in the banking sector. With this, you will no longer have to wait for working days for important transactions like salary, pension and EMI payments. RBI has amended the rules of National Automated Clearing House (NACH). Under this new rule, now you will not have to wait for the passing of Saturday and Sunday i.e. weekend for your salary or pension. These changes will be applicable from August 1, 2021 i.e. from today.
Now don’t have to wait for the weekend
If the first of the month falls on a weekend, the salaried class has to wait till Monday for the credit to be credited to their salary account. RBI Governor Shaktikanta Das, during the credit policy review of June last month, had announced that in order to further enhance the convenience of customers and avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH which Presently available on working days in banks, it is proposed to be implemented on all days of the week with effect from August 1, 2021.
Salary, Pension, EMI payment now even on weekends
Let us tell you that NACH is a bulk payment system which is operated by National Payments Corporation of India (NPCI). Which facilitates various types of credit transfers such as dividend, interest, salary and pension. Apart from this, the facility of payment of electricity bill, gas, telephone, water, loan EMI, mutual fund investment and insurance premium payment is also provided. Meaning now you will not have to wait for Week Days from Monday to Friday to get all these facilities, these work will be done in Weekends also.
Facilities available on all days of the week
According to RBI, NACH has emerged as a popular and prominent digital mode of Direct Benefit Transfer (DBT) for beneficiaries, which helps in timely and transparent transfer of government subsidies during the current COVID-19 pandemic. . Currently, NACH services are available only on days when banks are working, but from August 1, this facility will be available on all days of the week.
