What does lsquo A rsquo stand for in lsquo NACH rsquo ........

Current GK (IBPS-CL) Banking Awareness

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What does ‘A’ stand for in ‘NACH’?

Application

Arbitrage

Automated

Adjustment

Assets

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Explanation:

National Automated Clearing House (NACH).
NACH is a web-based platform to facilitate interbank, high volume, electronic transactions for Banks, Financial Institutions, Corporates and Government. It basically functions like an electronic clearing service available especially for banks.

NACH was launched by the National Payment Corporation of India (NPCI). It is very useful to clear bulk and repetitive transactions that take place among banks.