New RBI Rules ALERT! Know impact on your salary, EMIs, ATM withdrawals - What else will change? All details here
Under the new rules, the National Automated Clearing House (NACH) services will be available seven days a week.
The Reserve Bank of India has changed the National Automated Clearing House (NACH) rules. These new rules will be now operational all days, including weekends and holidays. This will be effective from August 1, 2021.
Under the new rules, you will be getting all salary, EMIs, pension related information throughout the week, even on non-working days and holidays. This facility is currently available now only on weekdays.
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The central bank on June 4 had said, “In order to further enhance customer convenience, and leverage the 24×7 availability of RTGS, NACH which is currently available on bank working days is proposed to be made available on all days of the week effective from August 1, 2021,"
NACH is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonisation of standards and practices and removes local barriers/inhibitors. NACH system will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.
NACH, a bulk payment system operated by the NPCI, facilitates one-to-many credit transfers like payment of dividend, interest, salary, pension, etc. It also facilitates the collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premiums.
“The relevant instructions/circulars for all these measures will be issued separately," said Shaktikanta Das, Governor, Reserve Bank of India.
Similarly, RBI has made some big changes in the Automated Teller Machine (ATM) rules. From August 1, 2021, RBI is implementing an increase in interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres
RBI further mentioned that NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to a large number of beneficiaries. This has helped the transfer of government subsidies during the present COVID-19 in a timely and transparent manner.
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