NACH 3.0 Launch Details
The National Payments Corporation of India (NPCI) launched NACH 3.0 in June 2025. This upgraded system aims to significantly enhance the processing speed for salary disbursements and Equated Monthly Installment (EMI) payments.
Understanding NACH and its Evolution
NACH (National Automated Clearing House) is a bulk payment system that facilitates high-volume, repetitive electronic fund transfers. NACH 3.0 represents the latest version, introducing improvements focused on efficiency.
Role of NPCI
- NPCI is responsible for operating and developing robust payment and settlement systems in India.
- Its mandate includes managing systems like UPI, RuPay, and NACH.
Analysis of Options
- National Payments Corporation of India (NPCI): Correct. NPCI is the designated entity for managing and launching such payment system upgrades.
- Securities and Exchange Board of India (SEBI): Incorrect. SEBI regulates the securities market and is not involved in payment processing systems like NACH.
- State Bank of India (SBI): Incorrect. SBI is a commercial bank that utilizes payment systems but does not launch core infrastructure like NACH.
- Reserve Bank of India (RBI): Incorrect. While the RBI oversees the financial system, NPCI is the operational body responsible for launching NACH upgrades.
Important Questions from Banking Affairs
As per the provisions of Union Budget 2021-22, how many public sector banks have been lined up for disinvestment?
What is the repo rate given by the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) as on 7 April 2021?
On 25 September 2020,_________ announced that they will launch a contactless debit card-based payment facility through phones called 'Safe Pay', allowing transactions up to ₹20,000 per day.
In November 2020, India and _________ jointly launched Phase 2 of the Rupay card.
In November 2020, the Union Cabinet of India approved the merger of capital-starved Lakshmi Vilas Bank (LVB) with _______________.
