If you are going to pay by check, then be careful, know the new rules of RBI, otherwise penalty may be imposed.

New Delhi: RBI Check Payment: If  you are going to pay through cheque, then now be a little careful, because the Reserve Bank of India (RBI) has made some changes in the banking rules. However, these changes have come into effect from the beginning of this month i.e. August 1, 2021. Therefore, if you are going to pay by check, then it is important to keep these rules in mind, otherwise you may have to pay a penalty. 

IMPACT OF NEW BANKING RULES ON CHECK PAYMENT 

RBI has now decided to continue the facility of bulk clearing for 24 hours. Which will affect the way you pay your check. Right now it takes 2 days for any check to be cleared, but after this rule it will not take 2 days, that means that amount will be cleared immediately as soon as you put your check, so you will have that much money in your bank account. Have to keep it, so that that check can be cleared. If you are giving a check today thinking that tomorrow you will transfer money to the bank account, then your check may bounce and you may have to pay a penalty. So you need to be very careful while issuing the cheque. Check your bank account first and then issue the cheque.

NOW CHECKS WILL BE CLEARED EVEN ON HOLIDAYS

The Reserve Bank has now decided to keep the National Automated Clearing House (NACH) operational 24 hours a day. This rule will be applicable in all nationalized and private banks. Under this new rule, now your check will be cleared even on a holiday, but in such a situation, now you also need to be alert. This is because now the check issued on Saturday will be cleared on Sunday also. Earlier checks were not cleared on Saturdays or Sundays at the time of issuance of cheques. 

RBI CHANGED THE RULES OF NACH

Let us tell you that the Reserve Bank, in its credit policy issued in June, had said that in order to enhance the convenience of customers and to make RTGS facility available 24×7, NACH, which is currently available only on bank working days, will be called 1. It has been proposed to make available all days of the week from August, 2021. 

WHAT IS NACH

Let us tell you that NACH is a bulk payment system which is operated by National Payments Corporation of India (NPCI). Which facilitates various types of credit transfers such as dividend, interest, salary and pension. Apart from this, the facility of payment of electricity bill, gas, telephone, water, loan EMI, mutual fund investment and insurance premium payment is also provided. Meaning now you will not have to wait for Monday to Friday i.e. Week Days to get all these facilities, these work will be done in Weekends also. 

POSITIVE PAY SYSTEM WAS IMPLEMENTED IN JANUARY

Let us tell you that before this, from January 1, 2021, changes were made in the rules for payment by check, under which people will have to follow these rules on payment of more than 50 thousand rupees. However, it will be completely voluntary. The central bank took this step to prevent fraud in check payments. In the Positive Pay System applicable from January 1, 2021, the payment of more than 50 thousand will have to be re-confirmed again. Through this system, checks can be issued through SMS, mobile app, internet banking and ATMs. Through this, the date of the cheque, the name of the person making the payment, the details of the payee and amount will have to be given.