Big Changes at the RBI: Began On August 1, new rules for salary, pension, and EMI payments will be in effect

From August 1st, there have been a number of changes to banking transactions. This means that critical operations such as salary, pension, and EMI payments will no longer require you to wait for working days. The National Automated Clearing House guidelines have been changed by the RBI (NACH). You will no longer have to wait until Saturday and Sunday, i.e. the weekend, for your pay or pension to be credited to your account under this new rule.

Employees used to have to wait until Monday or any other weekday for their salary to be credited. RBI Governor Shaktikanta Das revealed this month, during the June credit policy review, that consumers will be able to use 24×7 Real Time Gross Settlement (RTGS), NACH on all days of the week from August 1, 2021.

The National Payments Corporation of India (NPCI) operates NACH, which is a bulk payment system that supports various forms of credit transfers such as dividends, interest, income, and pension. Aside from that, you can pay your energy bill, gas bill, phone bill, water bill, EMI loan, mutual fund investment, and insurance premiums.

NACH has evolved as a popular and prominent digital means of Direct Benefit Payment (DBT) for beneficiaries, according to the RBI, which aids in the timely and transparent transfer of government subsidies during the current COVID-19 pandemic. NACH services are currently only available on days when banks are open, but starting August 1, they will be available every day of the week.

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