New Rules To Keep In Mind While Paying Using Cheque
Delhi, 06 August 2021: The Reserve Bank of India (RBI) has made some changes within the rules for making payments through cheques. These changes have come into effect from 1st August.
Under this new change, RBI has decided to start round the clock bulk clearing. After which the National Automated Clearing House i.e. NACH will work all day from this month itself.
NACH is a method of bulk payment system operated by National Payments Corporation of India (NPCI), which facilitates one-to-many credit transfer in payment of dividend, interest, salary and pension. Apart from this, payments associated with electricity, gas, telephone, water, periodic installments for loans, investments in mutual funds and insurance premiums also can be made.
In January this year, RBI had introduced the Positive Pay system with an aim to improve the security of its customers in matters of check-based transactions that require re-verification of details for payments above Rs 50,000.
