New RBI rules on interchange fees, 24/7 Operational Bulk Clearing Facility

In June, the RBI increased the interbank fee for financial transactions from 15 to 17 rupees and for non-financial transactions from 5 to 6 rupees. The 24-hour mass clearing has been in effect since Sunday. According to RBI requirements, it will apply from August 1, 2021. An interbank fee is a fee that banks charge the merchant who processes a credit or debit card payment.
In addition, the National Automated Clearing House (NACH) will be available every weekday from August 1, 2021. NACH, a bulk payment system from the National Payments Corporation of India (NPCI), enables a variety of remittances such as dividend, interest, salary and annuity payments.
It also facilitates the collection of payments related to electricity, gas, telephone, water, regular loan instalments, investment in mutual funds and insurance premiums During the bimonthly monetary policy review in June, RBI Governor Shaktikanta Das had announced that in order to advertise customer convenience to increase, the AFTER will be available every day of the week. The facility was only available when the banks were open, usually Monday through Friday. The direct debit authorisations given by the bank account holder were not processed on the days when the bank was closed, such as Sundays, public holidays and even public holidays. Since most companies also use AFTER for salary credits, these did not take place on public holidays.
Meanwhile, ICICI Bank has been reviewing fees for cash withdrawals from ATMs, check books, and other financial transactions since August 1st. The revised fees apply to national savings account holders, including salary accounts.

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