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Question #289 • Financial Education
Financial Education
Question #289

Why has Fincare services moved to NACH?

The NACH system offers electronic bulk payment facilities across the country. The process of registering mandates is faster, and the processing time for payments is lower as compared to ECS. Payments are processed within two days, unlike seven days for ECS, which allows us to offer lump sum payments through mandates. It is also likely that in the future, ECS will be replaced by NACH. Hence, Fincare services has moved to the NACH system.
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