RBI new rules | Changes in rules related to salary, pension, EMI payment, will be applicable from 1 August 2021
Salary, pension rules will change from August 1
- Now you will not have to wait for urgent financial work.
- No need to wait for working days for salary or pension.
- RTGS service will be available 24×7.
RBI has changed the rules of National Automated Clearing House (NACH). These changes are effective from August 1, 2021. With this new rule, important transactions like salary, pension and EMI payments will no longer stop due to Saturdays, Sundays and other holidays. That is, now you will not have to wait for the necessary financial work. Now you will not have to wait for working days for your salary or pension account to be credited. You will get this service throughout the week. NACH services will now be available seven days a week. Currently, these facilities are available only when banks are open from Monday to Friday.
Sometimes the first day of the month falls on a weekend, due to which people have to wait till Monday for their salary. During the credit policy review of June, RBI Governor Shaktikanta Das had announced further enhancement of customer convenience. To avail 24×7 Real Time Gross Settlement (RTGS), NACH (currently available on working days in banks) is proposed to be implemented on all days of the week with effect from August 1, 2021.
National Automated Clearing House (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 is also provided. That means you don’t have to wait for Monday to Friday i.e. weekdays to get all these features, now you can do your transaction 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 COVID-19 pandemic. Currently NACH services are available only on days when banks are working, but from 1st August this facility will be available 7 days a week.
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