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NACH Full Form is National Automated Clearing House
NACH means National Automated Clearing House. This system was implemented by the National Payment Corporation of India for financial institutions, banks, corporate setups, etc. It is working as a web-based system. It is used for electronic, bulk, periodic as well as repetitive nature payment transactions. It is used for various reasons like collections of payments, salaries, dividends, subsidies distribution, etc. NACH is a middleware designed to integrate the many electronic clearing programs operating throughout the country. It provides a framework for harmonizing standards and practices for ECS. The NACH system will be national in scope and should include all branches suitable for large banks across the country, regardless of the banking sector.
