Reserve Bank of India is going to start NACH facility on all days of the week
A large section is employed in the country. The most important thing all these people wait for throughout the month is their salary day. Every employee looks for this day throughout the month, but many times it has happened that due to Sunday or any public holiday, the salary does not come in the bank accounts. In such times, companies do this that either a day before or a day after pay their employees. Now it is going to get rid of this hassle due to Sunday or public holiday.
Let us tell you that whether it is Sunday or if the bank is closed for some reason, the salary of the employees will be deposited in their accounts. From now on, the facility of depositing salary in the salary account will be available every day. In fact, from August 1, the Reserve Bank of India is going to make the Bulk Payment System or National Automated Clearing House available on all days of the week. This means that now the payment of salary will become easier by getting the facility of NACH 24 hours a day.
Let us tell you that due to the arrival of the facility which is available on working days only, many works will be done without any restriction. NACH payment system is specially used for important transfers like salary, pension, dividend payment, subsidy. Along with this, this facility is used to pay electricity, telephone, water, loan EMI, mutual fund SIP, insurance premium. This means that from now on, even on Sundays or other holidays, the bank will deduct your EMI.
Significantly, NACH has emerged as a popular and accessible medium for DBT. NACH systems work in two ways, NACH Debit and NACH Credit. Salary is paid to the employees through NACH credit. Whereas through NACH debit, banks charge the EMI of the people.