Good News! You May Start Receiving Salary, Pension On Holidays From August 1; Details Here
Salary, Pension on Holidays: So far, salary and pension amount is transferred to your bank account only on working days when banks remain functional.
New Delhi: In a good news for salaried class and pensioners, you may start receiving your salary or pension even on holidays. Reserve Bank of India (RBI) had announced that National Automated Clearing House (NACH) would remain available on all days of the week throughout the year from August 1, 2021. Now, if your employers or pension providers want, they can credit the salary or pension amount to your bank account even on holidays.
What is National Automated Clearing House (NACH)?
National Automated Clearing House (NACH) is a bulk payment system operated by NPCI. The system facilitates one-to-many credit transfers, such as payment of dividend, interest, salary, pension.
It also acts as collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium, etc, RBI said in its “Statement on Developmental and Regulatory Policies” on June 4.
NACH has emerged as a popular and prominent digital mode of direct benefit transfer (DBT) to large number of beneficiaries. This has helped transfer of government subsidies during the present COVID-19 in a timely and transparent manner, RBI said.
“NACH is currently available only on the days when banks are functional. In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective August 1, 2021,” RBI had said on June 4.
So far, salary and pension amount is transferred to your bank account only on working days when banks remain functional. From August 1, one can receive salary or pension even on all days of the week throughout the year as NACH will be made available.
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