Question

Which is not correct about (National Automated Clearing

House (NACH)?

A NACH is a centralised clearing system launched by the National Payments Corporation of India (NPCI).

B NACH aims to replace and consolidate multiple existing Electronic Clearing Service (ECS) systems across India and create a faster and more efficient clearing platform

C NACH will reduce the turnaround time required for activation of ECS mandates and will simplify Aadhar-based benefit transfers

D NACH system facilitates the member banks to design their own products and also addresses specific needs of the banks & corporates including a refined Mandate Management System (MMS)

E All are correct

Practice Next

More Economy and Banking and Finance Static Concepts Questions