Knowledge

National Automated Clearing House

Source 📝

359: 373: 345: 33:, is a centralised clearing service that aims at providing interbank high volume, low value transactions that are repetitive and periodic in nature. Offering credit and debit service to corporates, banks, and financial institutions, the service, aimed at integrating all regional ECS into one National Payment System, is claimed to be better than its predecessor, 40:
According to the service's website, transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc."
70:
User can authenticate a NACH API e-mandate on the web. The customer gets directed to the NPCI website, where customer has to choose their bank, and then authenticate via one of the two methods - 1. Net banking credentials 2. Debit card.
75:
became the first bank to allow customers to choose both methods for authentication. Since then, 38 banks allow customers to authenticate API based e-mandates as of September 2019.
245: 44:
In March 2017, NPCI via a circular notified a paperless way for corporates to register NACH mandates for its customers, which can be later used to debit customer accounts.
404: 106:
mapper through the use of the system. On necessary agreement, all the banks that are members of any payment system participate on NACH system as Destination Banks.
146: 292: 199: 92:
are allowed to originate transactions the system required, they have a mutual agreement with NPCI and also are members of any payment system approved by the
58:
Electronic Clearing Service, or ECS, is an electronic clearing service that facilitates funds transfer between bank accounts. The service was started by
113:. For this, to facilitate settlement on their behalf, the departments indicate the names of the Sponsor Banks with whom accounts are maintained. 30: 221: 116:
NPCI notifies all of the members if a new member is added to the NACH network or if suspension or termination of a NACH member occurs.
109:
The corporate/government departments, on submission of necessary agreement with their Sponsor Banks, participate on NACH system as
270: 171: 316: 53: 34: 394: 399: 93: 59: 72: 128:
For future reference, NACH provides a unique number called Mandate Registration Reference Number.
78:
API based E-mandate process is expected to make the process fast, frictionless and paperless.
125:
Registration for NACH takes approximately 15 days over ECS taking 30 days for registration.
388: 20: 378: 364: 350: 340: 62:
providing, both, debit and credit which can be used to pay utility bills.
246:"Kotak Bank launches debit card-based e-mandate on NPCI's API platform" 103: 293:"RBI eMandate nod paves way for auto-debits by fintech firms - ETtech" 147:"Banks switching from ECS to NACH, here is what you need to know" 317:"National Automated Clearing House (NACH) Procedural Guidelines" 86:
NPCI has categorised members of NACH system in three entities:
102:
are allowed to do transaction, process mandates and update the
172:"National Automated Clearing House Product Overview" 8: 222:"What is Electronic Clearing Service (ECS)?" 19:"NACH" redirects here. For other uses, see 405:Payment and settlement systems in India 138: 31:National Payments Corporation of India 7: 220:Jaleel, Tania Kishore (2011-07-08). 194: 192: 14: 27:National Automated Clearing House 371: 357: 343: 291:www.ETtech.com (26 April 2019). 16:Indian payment clearing service 271:"Bank status in API E-Mandate" 1: 200:"API Based E-mandate process" 66:API based e-mandate process 54:Electronic Clearing Service 48:Electronic Clearing Service 35:Electronic Clearing Service 421: 51: 18: 226:Business Standard India 151:The Financial Express 94:Reserve Bank of India 60:Reserve Bank of India 120:Comparison with ECS 73:Kotak Mahindra Bank 297:The Economic Times 100:Destination banks 412: 395:Banking in India 381: 376: 375: 374: 367: 362: 361: 360: 353: 348: 347: 346: 335: 334: 332: 330: 321: 313: 307: 306: 304: 303: 288: 282: 281: 275: 267: 261: 260: 258: 257: 242: 236: 235: 233: 232: 217: 211: 210: 204: 196: 187: 186: 184: 183: 168: 162: 161: 159: 158: 143: 29:, introduced by 420: 419: 415: 414: 413: 411: 410: 409: 400:Payment systems 385: 384: 377: 372: 370: 363: 358: 356: 349: 344: 342: 339: 338: 328: 326: 319: 315: 314: 310: 301: 299: 290: 289: 285: 273: 269: 268: 264: 255: 253: 252:. 22 April 2019 244: 243: 239: 230: 228: 219: 218: 214: 202: 198: 197: 190: 181: 179: 170: 169: 165: 156: 154: 145: 144: 140: 135: 122: 84: 68: 56: 50: 24: 17: 12: 11: 5: 418: 416: 408: 407: 402: 397: 387: 386: 383: 382: 368: 354: 337: 336: 308: 283: 262: 237: 212: 188: 163: 137: 136: 134: 131: 130: 129: 126: 121: 118: 83: 80: 67: 64: 52:Main article: 49: 46: 15: 13: 10: 9: 6: 4: 3: 2: 417: 406: 403: 401: 398: 396: 393: 392: 390: 380: 369: 366: 355: 352: 341: 325: 318: 312: 309: 298: 294: 287: 284: 279: 272: 266: 263: 251: 250:@businessline 247: 241: 238: 227: 223: 216: 213: 208: 201: 195: 193: 189: 177: 173: 167: 164: 152: 148: 142: 139: 132: 127: 124: 123: 119: 117: 114: 112: 107: 105: 101: 97: 95: 91: 90:Sponsor banks 87: 81: 79: 76: 74: 65: 63: 61: 55: 47: 45: 42: 38: 36: 32: 28: 22: 21:Nach (rapper) 379:Money portal 365:Banks portal 351:India portal 327:. Retrieved 323: 311: 300:. Retrieved 296: 286: 277: 265: 254:. Retrieved 249: 240: 229:. Retrieved 225: 215: 206: 180:. Retrieved 178:. 2017-03-31 175: 166: 155:. Retrieved 153:. 2016-06-29 150: 141: 115: 110: 108: 99: 98: 89: 88: 85: 77: 69: 57: 43: 39: 26: 25: 329:30 November 389:Categories 302:2019-10-04 256:2019-10-04 231:2017-11-22 182:2017-11-22 157:2017-11-22 133:References 82:Membership 104:Aadhaar 320:(PDF) 274:(PDF) 203:(PDF) 111:Users 331:2017 324:NPCI 278:NPCI 207:NPCI 176:NPCI 391:: 322:. 295:. 276:. 248:. 224:. 205:. 191:^ 174:. 149:. 96:. 37:. 333:. 305:. 280:. 259:. 234:. 209:. 185:. 160:. 23:.

Index

Nach (rapper)
National Payments Corporation of India
Electronic Clearing Service
Electronic Clearing Service
Reserve Bank of India
Kotak Mahindra Bank
Reserve Bank of India
Aadhaar
"Banks switching from ECS to NACH, here is what you need to know"
"National Automated Clearing House Product Overview"


"API Based E-mandate process"
"What is Electronic Clearing Service (ECS)?"
"Kotak Bank launches debit card-based e-mandate on NPCI's API platform"
"Bank status in API E-Mandate"
"RBI eMandate nod paves way for auto-debits by fintech firms - ETtech"
"National Automated Clearing House (NACH) Procedural Guidelines"
India portal
Banks portal
Money portal
Categories
Banking in India
Payment systems
Payment and settlement systems in India

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.