RBI Allows 24x7 Bulk Payment Services, Increases Interchange Fee From 1 August

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The Reserve Bank of India (RBI) has revised some of its rules regarding bulk payment services and interchange fee. These new rules came into effect on Sunday, 1 August 2021.

RBI NACH Bulk Payment Rules

Recently the central bank announced that its bulk payment system National Automated Clearing House (NACH) will be available on all days of the week from 1 August.

This payment system used for important transfers like pension, subsidy, salary etc, was available only on working days till now. However, it can now be used on all seven days.

Also Read: Working Towards Phased Plan for Digital Rupee: RBI Deputy Governor

The revision of RBI bulk payment rules means that you will no longer have to wait for a working day to get your salary, pension, or to process any bulk and important transactions.

RBI Interchange Fee

RBI on 10 June 2021 also announced that it will allow the banks to increase fee per transaction from 1 August. According to the new rules, banks, are allowed to hike interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions at all centres.

RBI stated that the last change in interchange fee structure for ATM transactions was in August 2012 while the charges payable by customers were last revised in August 2014.

Apart from this, the central bank has also revised Automated Teller Machine (ATM) cash withdrawal charges, which shall be effective from 1 January 2022.

Also Read: e-RUPI Launch: What is e-RUPI? What are its Benefits and How to Use It?

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