RBI Revised Rules: NACH Services to be Available 24x7 from 1 August
RBI: Till now, NACH services were available only on working days.
Th Reserve Bank of India (RBI) has announced that the bulk payment system National Automated Clearing House (NACH) will be available on all days of the week from 1 August 2021.
This payment system used for important transfers like pension, subsidy, salary etc. was available only on working days till now. However, the same can be used on all seven days of the week from 1 August.
These bulk payments are facilitated by NACH. The change in rules means that you will no longer have to wait for a working day to get your salary, pension or to process any bulk and important transactions.
"Effective 1 August 2021 all the sessions that are currently available on normal working days will be operational on all days including week end and other holidays," reads the official notice released by RBI.
Pilot run for the revised rule is being conducted on Saturday, 24 July.
RBI has stated that NACH is popular mode of direct benefit transfer to large number of beneficiaries, reported Mint. The report further quoted the bank saying, "This has helped transfer of government subsidies during the present covid-19 in a timely and transparent manner. In the interest of customer convenience, and to take advantage of the availability of Real Time Gross Settlement (RTGS) on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective 1 August."
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