1st August means many changes are taking place in the banking sector from today. At the same time, necessary transactions like salary, pension, and EMI payment will no longer have to wait for working days. the RBI has amended the policy of the National Automated Clearing House (NACH). Under this new rule, you will no longer have to wait for the weekend to pass for your salary or pension. These changes will come into effect from 1st August 2021 i.e.
If the first date of the month falls on the weekend, the salaried class has to wait till Monday to be credited to its salary account. RBI Governor Shaktikanta Das had announced last month due to June's credit policy review that in order to further enhance customer facilities and to take advantage of the real-time gross settlement 24x7, NACH which is currently available in banks on working days has been proposed to be implemented all days of the week Which will come into effect from 1st August 2021.
Tell you that NACH is a bulk payment system operated by the National Payments Corporation of India. Which facilitates a variety of credit transfers such as dividends, interests, salaries, and pensions. It also facilitates payment of electricity bills, gas, telephone, water, loan EMI, mutual fund investment, and insurance premium. That is, you will no longer have to wait for Monday to Friday Week Days to get all these facilities, this work will also be done on Weekends.
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