e-NACH

Definition	:	electronic National Automated Clearing House
Category	:	Business » Banking
Country/Region	:	India
Popularity	:

What does e-NACH mean?

Electronic National Automated Clearing House (e-NACH or eNACH ) is an electronic payment system in India that facilitates automated recurring payments through bank accounts.
e-NACH is designed as a replacement for the older paper-based National Automated Clearing House (NACH) system with a more efficient and streamlined electronic method.
e-NACH eliminates the hassle of remembering due dates and making manual payments every time. It is specifically designed for recurring payments like Equated Monthly Installment (EMI), utility bills, insurance premiums, subscriptions, school fees, and so on.

Note:
NACH is an electronic payment system in India introduced by the National Payments Corporation of India (NPCI). It enables interbank, high-volume, electronic transactions that are repetitive and periodic.