BANKING AFFAIRS

Detailed explanation-1: -National Automated Clearing House or NACH is a centralized system which is implemented by the National Payments Corporation of India or NPCI for financial institutions, corporate and government as a web based solution for the facilitation of interbank, high volume electronic transactions.

Detailed explanation-2: -National Payments Corporation of India (NPCI) has implemented “National Automated Clearing House (NACH)” for Banks, Financial Institutions, Corporates and Government a web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature.

Detailed explanation-3: -Bharat Bill Payment System: The Bharat Bill Payment System is an initiative taken by NPCI along with the Reserve Bank of India (RBI) for payment of all bills which will provide an interoperable and accessible bill payment service to its customers.

Detailed explanation-4: -The Full form of NPCI is National Payments Corporation of India. which is an Indian financial services corporation that operates retail payments and settlement systems. It functions under the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). NPCI was founded in 2008 as a not-for-profit organization.

Detailed explanation-5: -NACH’s Aadhaar Payment Bridge (APB) System, developed by NPCI has been helping the Government and Government Agencies in making the Direct Benefit Transfer scheme a success. APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers.