Context:
The National Payments Corporation of India (NPCI) is set to roll out NACH 3.0 in the first week of July 2025, aiming to accelerate and secure recurring bank transactions such as salaries, pensions, EMIs, SIPs, and government subsidies under the National Automated Clearing House (NACH) platform.
Key Features of NACH 3.0
- Revamped GUI: User-friendly dashboard for banks with real-time transaction monitoring.
- Faster Credit Processing: Speedy transfer of salaries, pensions, and subsidies.
- Quick Debit Settlements: Timely deduction of EMIs, SIPs, and utility bills.
- Self-Service Features:
- Easy account creation
- Password reset without administrator help
- Improved Escalation System: Direct issue resolution and tracking via NPCI.
What is NACH?
- A centralized clearing system designed to handle high-volume, recurring payments.
- Enables bulk transactions such as:
- Salary credits
- Government benefits
- Loan EMIs
- Insurance premiums
- Mutual fund SIPs
About NPCI
- Founded: 2008
- HQ: Mumbai, Maharashtra
- CEO: Dilip Asbe
- Major Initiatives:
- UPI (Unified Payments Interface)
- IMPS (Immediate Payment Service)
- RuPay (Domestic card scheme)
- BBPS (Bharat Bill Payment System)
- AePS (Aadhaar Enabled Payment System)
