RBI update: Salary, pension, EMI charge guidelines to extrude from Aug 1; check out details

Reserve Bank of India

Bank customers no longer need to wait working days to complete important transactions such as annuities, salaries, EMI payments and more. This is because the Central Bank of India (RBI) changed the rules of the National Automated Payment System (NACH).

During the credit check period in June, RBI Governor Shaktikanta Das announced that from August 1, 2021, customers will be able to use 24x7 Real-Time Gross Payments (RTGS) on a daily basis to make transactions more convenient for the bank's customers. country.

From now on, customers can use the service 7 days a week. Currently, NACH facilities are only available to customers on weekdays. Monday through Friday.

Bank customers do not need to wait one business day after the shift AFTER until they receive their salary or pension in their bank account. From August 1, buyers can close this deal any time of the week, including weekends.

This AFTER SERVICE change is intended to help customers who have a weekend on the 1st of each month. Customers usually have to wait until the next business day for their salary to be credited to their account, however, following appropriate changes to services, their salary or seniority pension may be credited to their account over the weekend.

NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI). This system is used for various types of transfers, including interest, dividends, annuities, and wages. AF can also be used to make it easier for consumers to pay various bills, EMI loans, mutual funds, and even insurance premiums.

RBI says NACH has become a popular direct digital benefit transfer (DBT) system for beneficiaries. He added that NACH helps ensure timely and transparent transfer of government subsidies to beneficiaries during the COVID-19 outbreak.

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