What does it mean?
NACH stands for National Automated Clearing House. It is a centralised electronic payment or transaction processing system by the NPCI (National Payments Corporation of India) for banks, governments, and financial institutions to easily manage cumbersome interbank payments, utility bills, SIPs, premiums, donations, credit card bills, dividends or any other recurring payments. It helps in maximizing the efficiency of the clearance of the mentioned repetitive payments.
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