Mumbai, Jun 4: National Automated Clearing House (NACH) payment system will be available on all days of the week from August 1.
“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,” RBI Governor Shaktikanta Das said on Friday.
NACH, a bulk payment system operated by the NPCI, facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc., as also a collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium, etc. NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to a large number of beneficiaries. “This has helped the transfer of government subsidies during the present COVID-19 in a timely and transparent manner,” said RBI Governor. (UNI)
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