Now the National Automated Clearing House (NACH) will now be available 24X7. This means credit transfers such as dividend, interest, salary, pension, etc, will be transferred on the date it usually takes place. And holidays will not come as a barrier.
Other than credit, this will facilitate payments related to auto-payments related to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium etc.
On June 4, Reserve Bank of India (RBI) governor Shaktikanta Das stated that NACH will be available on all days of the week. The circular stated that it will be effective from August 1, 2021.
“In order to further enhance customer convenience, and to 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," the central bank said in a statement.
NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to a large number of beneficiaries, stated RBI in its statement. “This has helped transfer of government subsidies during the present COVID-19 in a timely and transparent manner.” RBI stated it will further enhance customer convenience, and to leverage the 24x7 availability of RTGS. NACH is currently available on bank working days.
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