Pension, Salary and bank EMI’s rule to change from next month

NACH services are available only on days when banks are working, but from August 1, this facility will be available on all 7 days.

According to the new rules opposed by RBI, it has changed few rules for NACH with effect from next month, which will also be enabled with the processing of payments such as salaries and pension will also be processed even on weekends.

Besides this, a new rule will now be applicable on weekends just because sometimes the first day of the month falls on the weekend, because of which people have to wait till Monday, for which their salary is delayed to be credited at the starting of the month. But, from next month i.e from 1 August, citizens will not have to wait for a working day to see the most awaited message, ‘Salary of XXXX has been credited into your account XXX-XXXXXX-XX. The available balance is XXXX’.

RBI Governor Shaktikanta Das had announced that in order to further enhance the convenience of customers, the National Automated Clearing House will be available on all days of the week. The facility is currently available only when banks are open, usually between Monday to Friday.

He also said in the statement that, “In order to further enhance customer convenience, and to leverage the 24×7 availability of real-time gross settlement, NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021.”

About NACH:

The National Automated Clearing House is a bulk payment system operated by the National Payments Corporation of India that facilitates one-to-many credit transfers such as payment of dividend, interest, salary, and pension. It also facilitates the collection of payments pertaining to electricity, gas, telephone, water, periodic installments towards loans, investments in mutual funds, and insurance premiums.

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