The Reserve Bank of India (RBI) has introduced new rules for salary, pension and EMI payments in August last.
If you are a pensioner or have taken any kind of loan and pay its EMI, then this news is of your use. Recently, their rules have changed. It doesn’t matter if you missed this information. Here we are giving you this important information in a nutshell. The Reserve Bank of India (RBI) has introduced new rules for salary, pension and EMI payments in August last. RBI has amended the rules of National Automated Clearing House (NACH). Under this new rule, you will not have to wait for weekdays to get your salary or pension credited to your account as earlier banks did not work on weekends. Here’s what you need to know about the new rule change.
Know here the new rules of RBI
In June, during the credit policy review, RBI Governor Shaktikanta Das had announced that customers can avail 24×7 Real Time Gross Settlement (RTGS), NACH, on all days of the week with effect from August 1, 2021. This means that customers can access the bank for salary, pension and EMI even on Saturdays and Sundays. This has been done to increase the convenience of bank customers in the country. Earlier, the Central Bank had also changed the rules for withdrawal from ATMs. It had in June raised the interchange fee for financial transactions to help banks meet the cost of deployment and maintenance of ATMs. The new rates have been increased from Rs 15 to Rs 17.
What is NACH and how does it work?
For the unversed, NACH is a wholesale payment system operated by the National Payments Corporation of India (NPCI). It facilitates various types of credit transfers like dividend, interest, salary and pension. It also provides the facility of payment of electricity bill, gas, telephone, water, EMI loan, mutual fund investment and insurance premium payment.
it will have this effect on you
NACH has emerged as a popular and prominent digital mode of Direct Benefit Transfer (DBT) for the beneficiaries. It helps in timely and transparent transfer of government subsidies during the current COVID-19 pandemic. Its facilities will now be available on weekends as well. Therefore, bank customers will be able to use banking on weekends for transactions related to salary, pension and EMI.