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NACH To Be Available On Weekend As Well As Bank Holidays From August 1
The RBI today said that for recurring payments such as EMIs, salary or mutual funds, NACH or National Automated Clearing House shall be available on all days including weekends and holidays beginning August 1, 2021.
"NACH has emerged as a popular and prominent digital mode of direct benefit transfer (DBT) to a large number of beneficiaries. This has helped transfer of government subsidies during the present Covid-19 outbreak in a timely and transparent manner," RBI governor Shaktikanta Das said.
This is as amid the pandemic crisis, NACH has stood as the key digital mode of direct benefit transfer.
NACH operated by the NPCI is currently available on bank working days. But Shaktikanta Das said,"In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NA .. n all days of the week throughout the year, effective August 1, 2021".
The decision in respect of NACH has been taken after RTGS and NEFT have been made functional 24 hours. This NACH facility is used for a range of payments that includes dividend, interest, salary and pension; electricity, gas, telephone and water bills; and periodic installments for loans, investments in mutual funds, insurance premiums etc.
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