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Salary, pension and EMI payment rules to change from August 1, says RBI

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RBI has come out with a friendly policy and changed the rules of the National Automated Clearing House (NACH). These changes will come into effect from August 1, 2021.

 

Now 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. RBI Governor Shaktikanta Das announced that in order to further enhance the convenience of customers and to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH ( Currently available on working days in banks) proposed to be implemented on all days of the week.

 

Sometimes, the first day of the month falls on the weekend, because of which people have to wait till Monday, for their salaries to be credited. During the credit policy review of June, RBI Governor Shaktikanta Das, had announced that in order to further enhance the convenience of customers and to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH ( Currently available on working days in banks) proposed to be implemented on all days of the week.

 

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.

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