Answer-What is NACH in banking?

Q: Answer-What is NACH in banking?

National Automated Clearing House NACH is a centralised system, launched by NPCI with an aim to consolidate multiple ECS systems running across the country. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.

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What is NACH in banking?

Question

What is NACH in banking?

A National Automatic Currency House Correct Answer Incorrect Answer

B National Automated Clearing House Correct Answer Incorrect Answer

C Net Account Credit Home Correct Answer Incorrect Answer

D Non Automated Credit History Correct Answer Incorrect Answer

E National Automated Credit History Correct Answer Incorrect Answer

Solution

National Automated Clearing House (NACH) is a centralised system, launched by NPCI with an aim to consolidate multiple ECS systems running across the country. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.

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RBI Grade B

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