National Automated Clearing House (NACH) payment system will be available on all days of the week from August 1.
Gone are the days when we had to wait for the weekend to pass to get our salary credited into our bank account. Now the Reserve Bank of India said the National Automated Clearing House (NACH) will be available on all days of the week from 1 August 2021.
Nach Payment System Will Be Available On All Days Of The Week
National Automated Clearing House (NACH) payment system will be available on all days of the week from August 1.
The NACH system provides a secure and scalable platform with both transaction and file-based transaction processing capabilities accessible to all participants across the country.
 “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 today.
 “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 today.
What is Nach?
NACH, the NPCI’s bulk payment system, enables one-to-many credit transfers such as dividend, interest, salary, pension, and other payments, as well as the collection of payments for electricity, gas, telephone, water, periodic instalments on loans, mutual fund investments, insurance premiums, and other items.
NACH has become a 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.
As the economy faces the heat of the second COVID wave, the Reserve Bank of India (RBI) has kept the benchmark interest rate at 4% and maintained an accommodative approach.
This is the sixth time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
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