New RBI Rules New Delhi : You will no longer have to wait for the bank’s working day for important transactions like salary, pension and EMI payments. Reserve Bank of India (RBI) has changed the rules of National Automated Clearing House (NACH). These changes will come into effect from August 1, 2021. According to the news of DNA, now you will not have to wait for working days to deposit salary or pension. These services will now be available throughout the week.
NACH services will now be available seven days a week. At present, these facilities are available only when banks are open from Monday to Friday and could have been done during the working hours of the bank. Sometimes the first day of the month falls on a weekend, due to which people have to wait till Monday to deposit their salary.
During the credit policy review of June, RBI Governor Shaktikanta Das had announced that to further enhance the convenience of customers and avail 24×7 Real Time Gross Settlement (RTGS), NACH (currently available on working days in banks) It is proposed to be implemented on all days of the week with effect from August 1, 2021.
NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI). Which provides the facility of 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 is also provided. In other words, you don’t have to wait for Monday to Friday i.e. weekdays to avail all these features, now you can do your transactions even on weekends.
RBI said that 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 prevailing COVID-19 pandemic. Presently NACH services are available only on days when banks are working, but from 1st August this facility will be available on all 7 days.
