Salary, Pension, EMI Payment Rules to Change From August 1 | Details Here
Notably, 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
RBI Guidelines on Salary, Pension, EMI Payment: Bank customers, here comes a piece of wonderful news for you. From August 1, you will not have to wait for a working day for important banking transactions like salary, pension and EMI payments. For the convenience of the customers, the RBI has issued fresh guidelines and changed the rules of the National Automated Clearing House (NACH).
Notably, 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.
As per the new NACH rules, the payments such as salary and pensions can be transferred on weekends as opposed to now when the facility is available only when banks are open.
At present, the first day of the month sometimes falls on a weekend due to which the salary is delayed for the next working day to get the money credited into their accounts.
Recently, RBI Governor Shaktikanta Das had announced several key financial, economic measures amid the pandemic. Among other measures, he had announced 24×7 availability of RTGS and NACH from August 1, 2021.
A bulk payment system operated by the National Payments Corporation of India (NPCI), NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc and the collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium etc.