Big news for salaried class and pensioners, know about RBI’s announcement on 24×7 NACH availability
news 1 min read
New Delhi: Reserve Bank of India (RBI) Friday announced that National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021.
What is National Automated Clearing House (NACH)?
NACH is a bulk payment system operated by the NPCI. It facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc., as also collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium, etc.
“NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to large number of beneficiaries. This has helped transfer of government subsidies during the present COVID-19 in a timely and transparent manner. In order to further enhance customer convenience, and to leverage the 24×7 availability of RTGS, NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021,” said RBI.
The Central Bank adde that the relevant instructions/circulars for all these measures will be issued separately.
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