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From Aug 1, Get Salary, Pensions Even On Weekends

NACH salary

If the first day of a new month falls on the weekend, then the wait for salary and pensions get delayed by two days. But, the same will not be followed from August 1. 

From August 1, bank customers can carry out important banking transactions like salary, pension and even EMI payments. 

For the convenience of the clients, the RBI has released updated instructions and modified the regulations of the National Automated Clearing House (NACH).

Governor Shaktikanta Das announced last month during the RBI’s bi-monthly monetary policy review that the National Automated Clearing House (NACH) will be available on all days of the week beginning August 1 to further enhance customer convenience and leverage the 24×7 availability of real-time gross settlement (RTGS).

NACH is a payment mechanism for key transfers such as pensions, subsidies, and salaries that were previously only available on working days. From August 1, however, the same can be utilised on all seven days of the week, unlike before.

“Effective 1 August 2021 all the sessions that are currently available on normal working days will be operational on all days including weekend and other holidays,” the official notice released by RBI mentioned.

For a significant number of beneficiaries, the NACH has become a popular method of direct benefit transfer (DBT). According to the Central Bank, this payment method aided in the timely and transparent distribution of government subsidies during the current coronavirus illness (Covid-19) pandemic.

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