ACH is a nationwide automated electronic system that monitors and administers the process of cheques and fund clearance between banks. Expand ACH.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Automatic Check Clearing House
B	Automated Check House
C	Automatic Clearing House
D	Automated Clearing House

Explanation:

Detailed explanation-1: -Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.

Detailed explanation-2: -The Automated Clearing House (ACH) is the primary system that agencies use for electronic funds transfer (EFT). With ACH, funds are electronically deposited in financial institutions, and payments are made online.

Detailed explanation-3: -The ACH network is regulated by the federal government and managed by the National Automated Clearing House Association (NACHA).

Detailed explanation-4: -The ECS is the Indian version of the Automated Clearing Houses (ACH) for catering to bulk payments. The Electronic Funds Transfer (EFT) System is operated by the Reserve Bank at 15 places. This is typically for individual / single payments. These systems are governed by their own respective rules.

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