Rediff.com  » Business » Now you will get your salary, pension even on bank holidays

Now you will get your salary, pension even on bank holidays

Source: PTI
June 04, 2021 15:49 IST
Get Rediff News in your Inbox:

Reserve Bank of India (RBI) Friday said National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021.

Salary

Illustration: Dominic Xavier/Rediff.com

NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.

It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.

 

“In order to further enhance customer convenience, and to leverage the 24x7 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 said while announcing the bi-monthly monetary policy review.

NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to a large number of beneficiaries.

This has helped transfer of government subsidies during the present COVID-19 in a timely and transparent manner, RBI said.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2021 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
SHARE THIS STORY 

Moneywiz Live!