Discussion
Which of the following is not true about National Automated Clearing House (NACH)?
Answer: D
In Electronic Clearing Services (ECS), presentation and settlement is spread over 3-4 day period.
There are three types of ECS: Local ECS, Regional ECS, National ECS.
NACH is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors.
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