New Delhi, 25 July 2021: The salary is supposed to be paid on the first day of the month. But sometimes the month begins with holidays, due to which people had to wait a long time to get their salary credit because of the bank holidays. But due to the change in rules from 1st August, salary will be credited on the first day of the month.
As per the announcement by the Reserve Bank of India (RBI), salary, pension, and EMI payment stake disbursement will be 24×7 from August 1. In June, the RBI governor said while reviewing the bi-monthly monetary policy that the facility of the National Automated Clearing House (NACH) will now be available all days of the week. Now, this facility is available only on the working days of the banks.
In June, RBI Governor Shaktikanta Das announced a review of bi-monthly monetary policy saying that it is proposed to make NACH available seven days a week from August 1, 2021, to expand facilities to customers and take full advantage of the 24 hr Real-Time Gross Settlement (RTGS).
It is a banking service through which companies and the common man can easily complete the payment process. Salary payment, pension transfer, the electric bill, water bill are paid through this.
The RBI Governor had said, “After the reform of this process, government subsidy will reach the accounts of the people in a timely and transparent manner.”
