New Rules for Salary, Pension, and EMI Payment will be Applicable from August 1! RBI Made Changes

New RBI Rules: You no longer have to wait for working days 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 the passing of Saturday and Sunday i.e. weekend for your salary or pension. You will get these services throughout the week. 

ACH facilities are now available a full week

Many times it happens that the first day of the month falls on the weekend, due to which the salaried class has to wait till Monday for the credit in their salary account. RBI Governor Shaktikanta Das, during the credit policy review of June last month, had announced that in order to further enhance the convenience of customers and avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH which is Presently available on working days in banks, it is 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. Meaning now you will not have to wait for Monday to Friday i.e. Week Days to get all these facilities, this work will be done on Weekends also. 

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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 days of the week.