If you pay by check, learn the RBI’s new rules, you may have to pay a hefty fine for a minor mistake.

If you pay by check, we have an important news for you. The RBI has made a major change in the payment terms this month, effective from 1 August. According to the new rules of the Reserve Bank of India, the check can now be cleared and paid for on holiday. According to the new rules, NACH’s facility is now available 24 × 7, so if you don’t keep a minimum balance when you pay by check, your check may bounce. And because of that you may have to pay fines and fines.

In June this year, during the biennial monetary policy review, the RBI governor said that the National Automated Clearing House (NACH) facility would be available all week. Prior to August, the facility was only available on banks’ working days.

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How does it affect check payments?

The impact of the changes in the rules will be visible to all private and public sector banks. That is, a large number of checks are now being cleared during the holiday season. In such a situation, a small recklessness can get you into big trouble.

What is NACH?

It is a banking service through which companies and the general public can easily complete the payment process. Salary payments, pension transfers, electricity bills and water bill payments are made through this.

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