In a major relief to the Bank Customers, the Reserve Bank of India (RBI) has issued fresh guidelines and changed the rules of the National Automated Clearing House (NACH). From August 1, the bank customers will not have to wait for a working day for important banking transactions like salary, pension and Equated Monthly Installment (EMI) payments.
What is National Automated Clearing House (NACH)?
National Automated Clearing House (NACH) is a bulk payment system operated by NPCI. The system facilitates one-to-many credit transfers, such as payment of dividend, interest, salary, pension.
The central bank on June 4 had said, “In order to further enhance customer convenience, and 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,”
RBI has made some big changes in the Automated Teller Machine (ATM) rules. From August 1, 2021, RBI is implementing an increase in interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres