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From August, you will no longer have to wait for a working day to see tour salary credited to your account.
Not just salary, several changes are on cards-- right from various banking transactions to disbursal of pension and EMI payments-- which are going to be released on all working days from next month.
These changes are the result of the modifications made in the rules of the National Automated Clearing House (NACH) which are going to be implemented by the Reserve Bank of India (RBI).
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NACH is a bulk payment system operated by the National Payment Corporation of India (NPCI). It facilitates one-to-many credit transfers such as, payment of dividend, interest, salary, pension, and also collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premiums, etc.
NACH has emerged as a popular and prominent digital mode of direct benefit transfer (DBT) to large number of beneficiaries.
The system has helped transfer of government subsidies during the present COVID-19 pandemic in a timely and transparent manner. At present, NACH is available only on days when banks are functional.
“In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective from August 1, 2021,” the RBI has said earlier.
As per the new revised order, such payment used for important money transfers like pension, subsidy, salary can be facilitated on all seven days in a week from August 1, 2021.
