New RBI Rules: You will not have to wait for working days for necessary transactions such as salaries, pension, and EMI payments. RBI has changed the rules of the National Automated Clearing House (NACH).
These changes will be implemented from August 1, 2021. That is, now you do not have to wait for your salary or pension for Saturday and Sunday i.e. weekend. These services will get you a full week.
NACH Facilities Now Full Week: New RBI Rules
Many times it happens that the first date of the month falls on the weekend, due to which the salared class has to wait until Monday to be credited to its salary account.
RBI Governor Shaktikanta Das had announced during the Credit Policy Review last month that to increase the facilities of customers and to take advantage of 24×7 present Real Time Gross Settlement (RTGS), NACH, Now the banks are available in business days, it has been proposed to apply all the days of the week, which will be effective from August 1, 2021.
Salary, Pension, EMI Payment Now on Weekend Also: New RBI Rules
NACH is a Bulk Payment System that operates National Payment Corporation of India (NPCI). Those who have many credit transfers such as dividend, interest, salaries and pension. Apart from this, the electricity bill also facilitates paid, gas, telephone, water, loan EMI, mutual fund investment, and insurance premium. Meaning now you will not have to wait for all these facilities from Monday to Friday i.e. weekdays, these work will also happen in the weekends.
RBI said that Nach has emerged as a popular and major digital mode of Direct Benefit Transfer (DBT) for beneficiaries, which helps transfer government subsidies quickly and transparently during Covid-19.
Currently, NACH’s services are available only when the banks are working, but from August 1, this feature will be available on all days.