Question
General Knowledge Question on Economics
Which of the following statements best describes the nature of the National Automated Clearing House (NACH) implemented by the National Payment Corporation of India (NPCI)?
It is a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature
It is utilised to modify in real time individual transactions between bank accounts
It facilitates direct government disbursements to beneficiaries under various schemes
It is an RBI mobile app to facilitate international wire transfers and foreign remittances
It is a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature
Solution
The National Automated Clearing House (NACH) is a web-based platform used to manage high-volume, repetitive, and periodic interbank transactions, especially for purposes like recurring payments and direct debits.
Thus, the correct answer is Option (A).