17 November, 2021 Financial & Technical
All the important banking transactions like salary, pension and EMI payments now don’t have to wait for bank working days to execute, neither they need to follow bank timings.
All the important banking transactions like salary, pension and EMI payments now don’t have to wait for bank working days to execute, neither they need to follow bank timings. All that hassle and worry comes to an end with NACH now been made available on all days, including Sundays and bank holidays 24*7. NACH has come out as a leading mode of Direct Benefit Transfer (DBT) to a substantial number of beneficiaries.
The Reserve Bank of India (RBI) has declared that the National Automated Clearing House (NACH) system will be available on all days, including Sundays and bank holidays, effective from August 1, 2021. From August 1, be it your salary credit into your bank account, or auto-debits related to mutual fund SIPs, or any of your loans including home/car/personal loans EMI payments, bill payments for telephone bills, gas payments, electricity bills etc. will pursue even on bank holidays.
NACH is a prime payment system run by the NPCI that enables one-to-many credit transfers like payment of dividend, interest, salary, pension, as also collection of payments pertaining to electricity, gas, telephone, water bills, periodic instalments towards loans, investments in mutual funds, insurance premium etc. Earlier auto-debit instructions agreed by the bank account holder do not get processed on days when bank is closed like Sundays, bank holidays and even gazetted holidays. Ensuing Hue n cry for all those working people who have their own office to handle during bank work timings.
This move is a result of central bank’s previous decisions to make both RTGS and NEFT operational 24 *7 all through 365 days.
RTGS becoming available 24x7 allows customer to no longer wait for a bank working day for their salary, subsidy transfer, dividend pay-out or pension to be credited. Now that what we call ‘Ache din’ for a common man!
