From August 1 your salary will be credited on weekends too, thanks to RBI tweak
New Delhi, June 05: Do you hate to wait for the weekend to pass so that your salary is credited? Starting August 1 that would change thanks to the new rules of the National Automated Clearing House introduced by the Reserve Bank of India.
Currently the NACH facilities are available only when the banks are open that is usually between Monday and Friday. However starting August 1, the NACH facilities will be open seven days a week.
In the existing scenario if the first day of the month falls on a weekend, employees have to wait till Monday for their salaries to be credited into their bank accounts. RBI Governor Shaktikanta Das announced that the NACH which is currently operational only on business days is proposed to be available on all days of the week with effect from August 1 2021.
The NACH is a bulk payment system that is operated by the National Payments Corporation of India.
This facilitates different types of credit transfers such as interest, salary, dividend and pension. The facility of payment of electricity bills, telephone, loan EMI, gas, mutual fund investment and insurance premium is also provided.
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 open, but from August 1, this facility will be available on all days of the week, the RBI said.