RBI NACH Payment: The Reserve Bank of India has opened the NACH payment system for 24 hours and seven days from August 1. Due to this, now salary and pension will be paid on Saturday and Sunday also.
Nach Payment Service will work for seven days and 24 hours from August 1.
RBI AFTER Payment: Today is the last day of the month of July and tomorrow i.e. from Sunday the month of August is starting. In the month of August, there is going to be a change in a special rule related to your salary. In fact, after the meeting of the Monetary Policy Committee in June, the Reserve Bank of India had announced that the NACH system will now work 24 hours a day, seven days a week. Due to this, even when banks are closed on Saturdays and Sundays, your salary can still come.
With the help of NACH (National Automated Clearing House), the salary of the employee is given by the employer with the help of the bank. NACH service is run by NPCI. Bulk payments are made through this. Such as paying salary, paying dividend to shareholders, paying interest, transferring pension, etc., are all done with the help of this system. Apart from this, every month bills like electricity, telephone, water are also paid.
What is NACH
NACH is called National Automated Clearing House (NACH). It is operated by the National Payments Corporation of India (NPCI). Bulk payment is usually done with the help of this. Banking sector experts say that NPCI’s NACH is a much better system than the Electronic Clearing System (ECS). This is the advanced version of ECS.
NACH system works in two ways
According to the information given on the website of NPCI, this system works in two ways. There is a NACH Debit. It is commonly used for telephone bill payment, SIP in mutual funds and payment of electricity bills. The second is NACH Credit. NACH credit is used to pay salary, dividend. NACH Mandate is the approval given by you to the institutions to deduct and deposit money from your account.
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