If you pay money by Cheque then there is important news for you. RBI had made a major change in the rules of payment of money from this month, which has come into effect from August 1.
According to the new rules of Reserve Bank of India, now the Cheque will be cleared and payment can be made even on the holiday. According to the new rules, the facility of NACH will now be available 24×7, so if you do not keep the minimum balance while paying by Cheque, then your Cheque can bounce. And because of which you may have to pay penalty and fine.
In June this year, during the bi-monthly monetary policy review, the RBI Governor had said that the facility of National Automated Clearing House (NACH) will now be available on all days of the week. Prior to August, this facility was available only on working days of banks.
How will Cheque payment be affected?
The effect of the changes made in the rules will also be visible on the functioning of all private and public sector banks. That is, now a large number of Cheques are being cleared even on holidays. In such a situation, even a small carelessness can land you in big trouble.
What is NACH
This is such a banking service through which companies and common man can easily complete the payment process. Salary payment, pension transfer, electric bill, water bill payment is done through this.
