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Question #287 • Financial Education
Financial Education
Question #287

What is NACH?

The Reserve Bank of India (RBI) has set up a nodal authority for handling all electronic payments in our banking system. This authority is known as the NPCI (National Payments Corporation of India). NPCI has set up a new mandate process for handling high volume regular transactions. This mandate process is known as NACH, or the National Automated Clearing House system. This system is now all set to replace the ECS in the future.
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