The wage law, EMI and other payments will change from August 1. The Reserve Bank of India (RBI) has introduced new rules, with which such salaries will be included on Sundays and public holidays. The RBI has announced that the National Automated Clearing House (NACH) payment system will be operational on all days of the week, from August 1, 2021.
RBI Governor Shaktikanta Das has announced that the move is aimed at improving consumer spending. This step will help to shorten the processing time for salary credits, payments, insurance premiums and loan EMIs, which are often delayed due to the holidays.
What is a NACH?
NACH supports one-on-one debt transfer such as interest payments, interest, salary and pension. Operated by National Payments Corp. of India. It is popular and is one of the leading forms of direct profit transfer (DBT) to a large number of beneficiaries, says the central bank.
Currently, it only works on bank working days. Also, auto-debits are not processed for a variety of holidays. The RBI Governor said, “In order to further improve customer service, as well as make use of the 24 × 7 real-time real-time real estate (RTGS), NACH, currently available on banking business days, it is proposed to be available on every day of the week from August 1, 2021. “
NACH bulk payment plan from August 1st
The RBI said in a statement, “NACH is currently only available on days when banks operate. To facilitate customer service, and to utilize RTGS access on all days of the year, it is proposed that the NACH be available on all days of the week throughout the year, from -August 1, 2021. “