Mumbai: Reserve Bank of India (RBI) Friday said National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021. At present, the payment system is available only on bank working days.
NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.
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“In order to further enhance customer convenience, and to leverage the 24x7 availability of real-time gross settlement (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 Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review.
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 said.
(PTI)
