New rules for salary, pension, EMI payment applicable from tomorrow. Details here
The Reserve Bank of India (RBI) has introduced new rules, as per which the salaries will also be credited on Sundays and gazetted holidays. The RBI has declared that the bulk payment system National Automated Clearing House (NACH) will be functional all days of the week, starting from August 1, 2021. RBI governor Shaktikanta Das announced that this measure aims at enhancing consumer convenience. This step will help in bringing the processing duration shorter for salary credits, bill payments, insurance premiums and loan EMIs, which usually get delayed due to holidays. Also Read | CBSE declares Class 12 board exam results 2021, details inside Understanding NACH National Automated Clearing House (NACH) facilitates one-to-many credit transfers such as payment of dividends, interest, salary and pension. It is operated by the National Payments Corp of India. It has become famous and one of the most prominent modes of direct benefit transfer (DBT) to a large number of beneficiaries. Currently, it is operational only on bank working days. And hence, auto-debits are not processed during different kinds of holidays. Also read| Coronavirus: 10 states show upsurge in daily new cases of Covid-19