You Will Get Salary, Pension, on Sundays and Bank Holidays: Says RBI

New Delhi: The Reserve Bank of India (RBI) on Friday said National Automated Clearing House (NACH) will be available on all days of the week, effective 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, a bulk payment system operated by the NPCI, facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc.

It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium. RBI Governor Shaktikanta Das in his monetary policy statement 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 the NACH on all days of the week throughout the year.” RBI says that NACH is a bulk payment system and is operated by NPCI.  The NACH Payment System facilitates one-to-many credit transfers. The system is used as payment of dividend, interest, salary, pension.

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 further mentioned.