RBI has given information about the services of National Automated Clearing House (NACH) being made available every day. This decision will be effective from 1 August 2021.
Be it payment of salary, pension, interest and dividend or any other payment made on a large scale through the National Automated Clearing House (NACH), all these work will soon be done seven days a week. The Reserve Bank of India (RBI) has said that the facility of payment through NACH is going to start from August 1, 7 days a week. RBI Governor Shaktikanta Das made this announcement while giving information about the bi-monthly monetary policy review.
NACH is a bulk payment system, which is operated by NPCI i.e. National Payments Corporation of India. Payment of salary, pension, interest and dividend can be done through NACH as well as payment of EMI of electricity, water, gas, telephone to loan. Work like investing in mutual funds and paying insurance premiums is also done through it.
NACH currently works only on working days of banks
At present, the facility of payment through NACH is available only on working days of banks. The Reserve Bank has decided to provide NACH seven days a week keeping in mind the convenience of the customers. With this, the facility of RTGS i.e. Real Time Gross Settlement will also be made available 24 hours a day. According to RBI, NACH has emerged as a preferred and important medium for sending money through Direct Benefit Transfer (DBT) to more than one number of people. Apart from this, it has also proved to be helpful in transferring government subsidy in a timely and transparent manner during the time of corona epidemic.
