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National Automated Clearing House/What is NACH?/What services are provided by NACH? - YouTube
Channel: NAGRAJ EDUCATIONAL SERVICES
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Welcome to my channel.
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Welcome to my channel.
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This video is about National Automated Clearing
House NACH.
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This video is about National Automated Clearing
House NACH.
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Are you making payments on defined dates like
salary, pension, dividends etc?
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Are you making payments on defined dates like
salary, pension, dividends etc?
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Are you making payments towards loans, insurance
payments, recurring deposits or any other
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Are you making payments towards loans, insurance
payments, recurring deposits or any other
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fixed payments?
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fixed payments?
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Do you know how to register NACH Mandate?
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Do you know how to register NACH Mandate?
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NACH provides an answer to the above questions.
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NACH provides an answer to the above questions.
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Your account in the bank can be linked to
NACH by registering your mandate.
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Your account in the bank can be linked to
NACH by registering your mandate.
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Let us learn more about NACH
Please subscribe to my channel if not already
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Let us learn more about NACH
Please subscribe to my channel if not already
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done.
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done.
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Like and share the video among your friends.
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Like and share the video among your friends.
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National Payment Corporation of India -NPCI-
set up NACH as an improvement over the ECS.
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National Payment Corporation of India -NPCI-
set up NACH as an improvement over the ECS.
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NACH became operational from May 2016.
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NACH became operational from May 2016.
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The National Automated Clearing House or NACH
is a centralised electronic payment service
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The National Automated Clearing House or NACH
is a centralised electronic payment service
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for banks, corporates, financial institutions
and the Government.
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for banks, corporates, financial institutions
and the Government.
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NACH facilitates high volume electronic transactions
across the nation.
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NACH facilitates high volume electronic transactions
across the nation.
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A single set of rules is applicable to all
users, services providers and participants
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A single set of rules is applicable to all
users, services providers and participants
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of NACH.
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of NACH.
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Types of transactions carried out on NACH
Direct Credit: Distribution of salary, pension,
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Types of transactions carried out on NACH
Direct Credit: Distribution of salary, pension,
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interest or dividends to relevant stakeholders
at a set frequency.
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interest or dividends to relevant stakeholders
at a set frequency.
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Single debit to the bank account of the stakeholder
and credits to multiple beneficiaries.
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Single debit to the bank account of the stakeholder
and credits to multiple beneficiaries.
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Direct Debit: Payments towards loans, insurance
payments, recurring deposits or any other
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Direct Debit: Payments towards loans, insurance
payments, recurring deposits or any other
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fixed payments.
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fixed payments.
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Debit to Multiple accountholders and credit
to a corporate or centralised bank account
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Debit to Multiple accountholders and credit
to a corporate or centralised bank account
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The payment cannot be stopped after ECS (Debit
Clearing) process has been initiated i.e.
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The payment cannot be stopped after ECS (Debit
Clearing) process has been initiated i.e.
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once the data is given to the Clearing house.
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once the data is given to the Clearing house.
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However you can instruct your bank not to
honour this payment (Like a Stop Payment Instruction
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However you can instruct your bank not to
honour this payment (Like a Stop Payment Instruction
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).
Electronic Clearing System is the method of
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).
Electronic Clearing System is the method of
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online payment and money transaction and NACH
was initiated to solve the issues that ECS
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online payment and money transaction and NACH
was initiated to solve the issues that ECS
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encounterd regarding payment process.
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encounterd regarding payment process.
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There are a number of differences that make
the NACH better than the ECS now.
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There are a number of differences that make
the NACH better than the ECS now.
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ECS required a lot of paper work.
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ECS required a lot of paper work.
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NACH is fully automated.
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NACH is fully automated.
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Rejection is rare in NACH.
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Rejection is rare in NACH.
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Settlements are faster in NACH
NACH Eliminates the geographical boundaries
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Settlements are faster in NACH
NACH Eliminates the geographical boundaries
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which ECS had.
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which ECS had.
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Same day transaction throughout the country.
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Same day transaction throughout the country.
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Objectives of NACH:
Pan India coverage to process all electronic
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Objectives of NACH:
Pan India coverage to process all electronic
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payments
Efficiency in handling debits, credits, reversals,
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payments
Efficiency in handling debits, credits, reversals,
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rejections and refunds
Direct Corporate Access for preferred users
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rejections and refunds
Direct Corporate Access for preferred users
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Institutional Identification Number and Aadhar
are linked which helps in better management
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Institutional Identification Number and Aadhar
are linked which helps in better management
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of mandates.
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of mandates.
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Improving governance by linking AADHAR to
Institution Identification Number (IIN) and
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Improving governance by linking AADHAR to
Institution Identification Number (IIN) and
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introduction of mandate.
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introduction of mandate.
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Benefits of using NACH
Simplification of mandates thus reducing the
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Benefits of using NACH
Simplification of mandates thus reducing the
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activation time and cost of operation
Banks and financial institutions saves on
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activation time and cost of operation
Banks and financial institutions saves on
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processing charges associated with paper based
transactions
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processing charges associated with paper based
transactions
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Both Direct Debits and Direct Credits are
enabled through electronic media
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Both Direct Debits and Direct Credits are
enabled through electronic media
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Nominal interchange fees for credit card companies
Member banks can create their own product
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Nominal interchange fees for credit card companies
Member banks can create their own product
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and solutions and communicate through Mandate
Management System.
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and solutions and communicate through Mandate
Management System.
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NACH鈥檚 APB system --Aadhaar Payment Bridge
System, developed by NPCI has been helping
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NACH鈥檚 APB system --Aadhaar Payment Bridge
System, developed by NPCI has been helping
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the Government and Government Agencies in
making the Direct Benefit Transfer scheme
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the Government and Government Agencies in
making the Direct Benefit Transfer scheme
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a success.
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a success.
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APB has been successfully channelizing the
Government subsidies and benefits to the intended
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APB has been successfully channelizing the
Government subsidies and benefits to the intended
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beneficiaries using the Aadhaar numbers.
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beneficiaries using the Aadhaar numbers.
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The APB System links the Government Departments
and their sponsor banks on one side and beneficiary
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The APB System links the Government Departments
and their sponsor banks on one side and beneficiary
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banks and beneficiary on the other side.
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banks and beneficiary on the other side.
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Benefits of NACH in Mutual Fund investments
Mutual Funds Investor has to register wi
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Benefits of NACH in Mutual Fund investments
Mutual Funds Investor has to register with
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NACH only once.
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NACH only once.
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SIP registration is also easy.
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SIP registration is also easy.
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It automatically links the bank account to
the mandate using the mutual fund folio.
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It automatically links the bank account to
the mandate using the mutual fund folio.
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NACH lets you simplify and manage bulk payment
across multiple banks and manage payments
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NACH lets you simplify and manage bulk payment
across multiple banks and manage payments
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of utility bills, SIPs, premiums, donations,
Credit Card bills or any other recurring
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of utility bills, SIPs, premiums, donations,
Credit Card bills or any other recurring
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NACH status can be seen on Pay Sense App.
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NACH status can be seen on Pay Sense App.
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NACH Active: If your NACH status is active,
your EMI amount will get deducted from your
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NACH Active: If your NACH status is active,
your EMI amount will get deducted from your
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registered bank account.
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registered bank account.
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You just need to keep sufficient balance in
your bank account on EMI due date.
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You just need to keep sufficient balance in
your bank account on EMI due date.
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You can stop NACH at any point of time by
submitting the cancellation form.
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You can stop NACH at any point of time by
submitting the cancellation form.
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The default NACH mandate will be up to 31/12/2099.
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The default NACH mandate will be up to 31/12/2099.
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You can register as many NACH as possible.
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... You can register as many NACH as possible.
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Mandate Management System鈥擣eatures
Integral part of NACH
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Mandate Management System鈥擣eatures
Integral part of NACH
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Automatic processing of mandate information
electronically
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Automatic processing of mandate information
electronically
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Facilitation of standard mandate forms
Easily trackable mandates through unique number
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Facilitation of standard mandate forms
Easily trackable mandates through unique number
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Improved synchronisation between banks and
service providers
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Improved synchronisation between banks and
service providers
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Facilitation of better governance and defined
time limits
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Facilitation of better governance and defined
time limits
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THANKS FOR WATCHING THIS VIDEO
PLEASE SUBSCRIBE TO my channel if not
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THANKS FOR WATCHING THIS VIDEO
PLEASE SUBSCRIBE TO my channel if not
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already done.
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You will find other Important videos in my
channel on banking concepts, some of them
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You will find other Important videos in my
channel on banking concepts, some of them
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are listed here
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Thank you once again.
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Thank you once again.
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