The facilities are currently available only when banks are open, usually between Monday to Friday. NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. NACH system also supports Financial Inclusion measures initiated by Government, Government Agencies and Banks by providing support to Aadhaar based transactions. The NACH system provides a robust, secure and scalable platform to the participants with both transaction and file based transaction processing capabilities. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand.

Source: Mint June 04, 2021 16:07 UTC