Sometimes, the first day of the month falls on the weekend, because of which people have to wait till Monday, for their salary to be credited. All important banking transactions like salary, pension and EMI payments will happen 24X7 with effect from August 1, 2021. The facility is currently available only when banks are open, usually between Monday to Friday. The National Automated Clearing House (NACH) is a bulk payment system operated by the National Payments Corporation of India (NPCI) that facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. Currently, NACH services are available only on days when banks are working, but from August 1, this facility will be available on all 7 days.

Source: Mint July 25, 2021 02:03 UTC