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NACH to work 24X7; big-ticket customer-oriented banking reform

By IndianMandarins- 04 Jun 2021
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New Delhi (04.06.2021): RBI governor Shaktikanta Das announced on Friday as part of the Monetary Policy Statement a measure of facility that would ease the convenience of billions of banks' customers.
From August 1, 2021, the National Automated Clearing House (NACH) will be available on all days 24X7 of the week. Currently, it is available only on bank working days.
Given the current state of the Covid pandemic, the measure may go a long way in facilitating banking businesses on top of benefiting DBT account holders who are mostly poor and aged people.  
NACH is operated by the NPCI and facilitates bulk one-to-many credit transfers such as payment of dividend, interest, salary, pension as also the collection of payments pertaining to electricity, gas, telephone, water, periodic installments towards loans, investments in mutual funds, insurance premium, etc.

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