Friday, May 27, 2022

From August 1, new wage, pension, and EMI payment rules will be in effect! The Reserve Bank of India has made some modifications; find out what they are and how they will benefit you

New RBI Regulations: NACH’s services will now be available 24 hours a day, seven days a week. For the time being, its services are only available while banks are open, which is usually Monday through Friday.

New RBI Rules Have Been Implemented in New Delhi: Important operations such as salary, pension, and EMI payments no longer have to wait for working days. The National Automated Clearing House guidelines have been amended by the RBI (NACH). These modifications will take effect on August 1, 2021. That is, you will no longer have to wait for your pay or pension to be paid on Saturday and Sunday, i.e. the weekend. These services are available every day of the week.

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The NACH facilities are currently fully occupied for the week.

Because the first day of the month frequently falls on a weekend, the salaried class must wait until Monday for their salary account to be credited. During the June credit policy review, RBI Governor Shaktikanta Das announced that, in order to provide customers with greater convenience and to take advantage of the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH, which is currently available only on working days in banks, will be implemented on all days of the week with effect from August 1, 2021.

Salary, pension, and EMI payments are now made on weekends as well.

The National Payments Corporation of India (NPCI) operates the NACH bulk payment system (NPCI). Which allows for a variety of credit transfers, including dividends, interest, income, and pensions. Aside from that, you may pay your energy bill, gas bill, phone bill, water bill, loan EMI, mutual fund investment, and insurance premium payment. This means that you will not have to wait until Monday to Friday, i.e. weekdays, to receive all of these services; these tasks will be completed on weekends as well.

NACH, according to the RBI, has become a popular and well-known digital means of Direct Benefit Transmission (DBT) for beneficiaries, assisting 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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