Major changes from salary to pension, EMI from August 1 .. RBI change ..!
No more having to wait for weekly working days to make important transactions like monthly salary, pension, and EMI fees. The Reserve Bank has modified the rules of the National Automated Settlement System (NACH). These changes of the Reserve Bank will come into effect from August 1, 2021. Now you don’t have to wait for Saturdays and Sundays to pass. Services for your salary or pension are no longer available all days of the week. That means NACH facilities are now available full week.
Usually, the first day of the month is usually the weekend. Due to this, the salaried employees have to wait till the next working day for credit in their payroll account. The announcement was made by Reserve Bank Governor Shakti Kantha Das.
Announcement last month
It may be recalled that during the credit policy review in June last year, the NACH, which was currently operating only on banking working days, was no longer able to operate 24 hours a day to further enhance customer convenience and avail RTGS benefits.
As such, NACH is a bulk payment system operated by NPCI, which allows payers and pensioners to receive their salaries, pensions, EMI fees, etc. on weekends from August 1. This will be very useful for many people as the service runs on holidays over the month of August.
That’s the benefit to employees
It is proposed that the NACH service be available on all days, just as the RTGS service is available on all days of the year. Many companies send their employees’ pay the next working day as soon as the holiday arrives. But with this announcement by the Reserve Bank, millions of employees will receive their salaries even on weekends. Not only salary but many other things like dividend can be received earlier.
The Reserve Bank of India will soon show the intensity of the “digital rupee” ..!
The impact of cryptocurrency has not been exaggerated if it has brought the superpowers to a very short period of time to issue digital currency. A few months ago, China unexpectedly introduced the digital currency to the public’s use of the currency. Following China, Europe also introduced the digital euro last week and joined the competition. It is noteworthy that the United States is already working on a digital dollar program.
Digital Rupee Digital Currency
RBI Deputy Governor D Rabi Shankar has said that the Reserve Bank of India is planning to gradually implement the digital currency scheme. He also said that there is a possibility of declaring the Digital Currency project in India as a pilot project as soon as possible. The digital currency usage, storage, exchange, and all the various regulations and protocols that have been created and the deputy governor of the Reserve Bank said.
Globally, 86 percent of central banks, including China, Russia, Europe, and the United Kingdom, current research and analyze digital currency. Of this, 14 percent is in the central bank testing phase.