NACH is an important payment system in India that facilitates automatic debits and credits to bank accounts. It stands for National Automated Clearing House.
The full form of NACH is National Automated Clearing House. It is a centralised system launched by NPCI (National Payments Corporation of India) to facilitate interbank transactions through the automation of clearing houses.
Here are some key facts about NACH:
It enables direct electronic debits and credits to bank accounts for payments like utility bills, insurance premiums, loan EMIs etc.
Replaces the traditional Electronic Clearing Service (ECS) system for interbank transfers.
Operates on an apex clearing house located in Mumbai covering over 150000 bank branches.
Daily maximum transaction limit per bank is Rs 1 crore for NACH.
Helps customers schedule one-time or recurring e-mandate payments on pre-defined dates.
NACH transactions are governed under Payment & Settlement Systems Act, 2007.
Banks and companies have to take authorisation from customers for NACH debits.
Customers can withdraw or cancel NACH mandates by contacting their bank.
Has reduced transaction costs and enabled straight-through processing without manual intervention.
NACH is bringing efficiency, convenience and transparency to automated clearing in India. For customers, it eliminates the need to go through tedious paper mandates. It enables hassle-free electronic payments while giving full control over debit instructions.
In summary, NACH accurately stands for National Automated Clearing House - a centralized system that is revolutionizing automated debits and credits in India.
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