National Automated Clearing House (NACH) payment system will be available on all days of the week from August 1. What is NACHNACH, a bulk payment system operated by the NPCI, facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc., as also a collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium, etc. 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," said RBI Governor. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.

Source: Mint June 04, 2021 03:00 UTC