Which of the following was implemented by NPCI?
Q. Which of the following was implemented by National Payments Corporation of India (NPCI) for Banks, Financial Institutions, and Corporate Houses etc?- Published on 17 Feb 17
a. National Automated Clearing House (NACH)
b. National Automatic Clearing House (NACH)
c. National Automated Cleared House (NACH)
d. National Automatic Cleared House (NACH)
ANSWER: National Automated Clearing House (NACH)
NACH - National Automated Clearing House
A web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.
NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc.
Also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.
Major developments and Services by the NPCI -
- National Financial Switch (NFS) - Network of shared automated teller machines in India.
- Unified Payment Interface (UPI) - Single mobile application for accessing different bank accounts.
- Immediate Payment Service (IMPS) - Real time payment with mobile number.
*99# - Mobile banking using USSD.
National Automated Clearing House (NACH) -
Cheque Truncation System (CTS) - Online image-based cheque clearing system.
Aadhaar Payments Bridge System (APBS) - RuPay - Card scheme
Bharat Bill Payment System (BBPS) Integrated bill payment system