RBI NEW RULE ALERT! Be ready to pay FINE if you do this - Know how

The Reserve Bank of India changed the National Automated Clearing House (NACH) rules. These new rules will be now operational all days, including weekends and holidays. These new banking rules have already come into effect from August 1, 2021.  

Under the new rules, you will now get a salary, EMIs, pension, cheque payments, and related information throughout the week, even on non-working days and holidays. Earlier, this facility was available only on weekdays, excluding public holidays.

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Now if you are making any payments through cheque, then you will have to be extra cautious. Because as per the new RBI rules it can get encashed on even non-working days and holidays. So, you will have to maintain a sufficient balance every time in your account, especially when are depositing a cheque for payment. If the cheque is bounced then you will be entitled to fine charges.  

The central bank on June 4 had said, “In order to further, enhance customer convenience, and leverage the 24×7 availability of RTGS, NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021," 

NACH is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonisation of standard and practices and removes local barriers/inhibitors. NACH system will provide a national footprint and is expected to cover the entire core banking-enabled bank branches spread across the geography of the country irrespective of the location of the bank branch. 

NACH, a bulk payment system operated by the NPCI, facilitates one-to-many credit transfers like payment of dividend, interest, salary, pension, etc. It also facilitates the collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premiums. 

“The relevant instructions/circulars for all these measures will be issued separately," said Shaktikanta Das, Governor, Reserve Bank of India. 

Similarly, RBI has made some big changes in the Automated Teller Machine (ATM) rules. From August 1, 2021, RBI is implementing an increase in interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres 

RBI further mentioned that NACH has emerged as a popular and prominent mode of direct benefit transfer (DBT) to a large number of beneficiaries. This has helped the transfer of government subsidies during the present COVID-19 in a timely and transparent manner.