New RBI Rules: Salary, pension and EMI payment rules to change from August 1, details here
You no longer have to wait for a working day for important transactions like salary, pension and EMI payments. RBI has changed the rules of the National Automated Clearing House (NACH). These changes will come into effect from August 1, 2021. That is, now you will not have to wait for working days, for your salary or pension to be credited. You will get these services throughout the week. Services of NACH will now be available seven days a week. Currently, facilities are available only when banks are open, from Monday to Friday.
Avail NACH facilities any day
Sometimes, the first day of the month falls on the weekend, because of which people have to wait till Monday, for their salaries to be credited. During the credit policy review of June, RBI Governor Shaktikanta Das, had announced that in order to further enhance the convenience of customers and to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH ( Currently available on working days in banks) proposed to be implemented on all days of the week, with effect from August 1, 2021.
Salary, Pension, EMI payment now even on weekends
NACH is a bulk payment system operated by the 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. In other words, you will not have to wait for Monday to Friday i.e., Week Days to get all these facilities, you can now get your transactions done on weekends also.
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. Currently, NACH services are available only on days when banks are working, but from August 1, this facility will be available on all 7 days.