From tomorrow (1 August), bank customers will no longer have to wait for a working day for their salary or pension to be credited or to do important transactions like EMI payments. This is because the Reserve Bank of India (RBI) has changed the rules of the National Automated Clearing House (NACH). Customers will now be able to avail of NACH services all seven days of the week from tomorrow (1 August 2021). Currently, the NACH facilities are only available to customers on weekdays i.e. Monday to Friday.
RBI Governor Shaktikanta Das, during the credit policy review of June, had announced that customers would be able to avail of the benefits of 24×7 NACH on all days of the week, with effect from August 1, 2021. This has been done to further enhance the convenience of bank customers in the country.
In order to further enhance customer convenience, and to leverage the 24×7 availability of real-time gross settlement (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,” RBI Governor Shaktikanta Das had said while announcing the bi-monthly monetary policy review.
What will happen when NACH will be available round the clock?
According to the changes made to NACH, bank customers will not have to wait for a working day for their salary or pensions to be credited into their account.
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