In a major relief to the Bank Customers, the Reserve Bank of India (RBI) has issued fresh guidelines and changed the rules of the National Automated Clearing House (NACH). From August 1, the bank customers will not have to wait for a working day for important banking transactions like salary, pension and Equated Monthly Installment (EMI) payments.
NACH is a bulk payment system which is operated by the National Payments Corporation of India (NPCI). NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
The NACH has emerged as a prominent mode of direct benefit transfer (DBT) for a large number of beneficiaries. The Central Bank has said that this payment system helped transfer government subsidies during the present coronavirus disease (Covid-19) pandemic in a timely and transparent manner.
It is noteworthy that these new guidelines will come into effect from August 1 and then 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 and also on the weekends.
The Reserve Bank of India (RBI) has changed the rules of the National Automated Clearing House (NACH) and as per the guidelines, the services of NACH will be available seven days a week. At present, these services are available only when banks are open, from Monday to Friday
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