RBI new rules will be applicable for salary pension EMI from August 1
RBI has made major changes in the rules of NSCH (National Automated Clearing House), so that now your major transactions like salary, pension and EMI will be done on holidays, apart from working days.
New Delhi. The Reserve Bank of India (RBI) on Friday made major changes in the National Automated Clearing House, which will come into effect from August 1. The National Automated Clearing House, operated by NPCI (National Payment Corporation of India), deals with a wide range of credit, dividend, interest, salary and pension transactions in large volumes.
READ MORE:- RBI preparing to introduce digital currency
Apart from this, it also works for transactions like electricity, gas, telephone, water, electricity, mutual funds, insurance premium. At present, customers had some problems related to this, which RBI has decided to solve from August 1. Transactions like pension and salary were only worked on working days, leaving customers to wait for holidays. At times, festivals and Sunday holidays used to come together so much that customers had to wait for a long time.
READ MORE:- RBI’s new rule regarding fixed deposits, will have to bear heavy losses
Real Time Gross Settlement will work to provide 24 hours 7 day transaction related facility to the customers without any hassle. This facility, which will come into effect from August 1, will change the rule of NACH in which it works only within working days.
READ MORE:- Golden opportunity to invest in Paytm IPO, paytm is bringing the country’s largest IPO
Announcing the Bi-Monthly Monetary Policy, RBI Governor Shaktikanta Das said that NACH will serve customers 24 hours a day, seven days a week.
It is worth noting that NACH has helped a lot in the Corona period under the government grants or welfare schemes under DBT (Direct Benefit Transfer) to the people directly in the account with transparency.
#RBI #rules #applicable #salary #pension #EMI #August