According to the new rules, it is no longer an issue if the first day of the month is a weekend. Salary and pension will now be credited on the first day of the month, regardless of it being a weekday or weekend.
Reserve Bank of India’s Governor, Mr Shaktikanta Das, announced in the bi-monthly policy review that the National Automated Clearing House (NACH) will now be available on all seven days to make transactions. It is now convenient for customers to leverage real-time gross settlement services (RTGS) around the clock.
Bank customers can avail of these services from 1 August 2021. Currently, NACH is only available from Monday to Friday, making it inconvenient for bank customers when the first day of the month falls on a weekend.
The latest development is beneficial for salaried employees as they will pay their bills and EMIs on a timely basis.
NACH is a web-based solution provided by the National Payments Corporation of India (NPCI) to aid interbank, high volume, electronic transactions. It is a centralised system for repeat transactions, such as distributing salaries, pensions, dividends, etc. and bulk transactions, such as electricity bills, water bills, insurance premiums, investment in mutual funds, etc.
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