NACH is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard, practices and removes local barriers/inhibitors. What is the meaning of "H'' in NACH?
Important Questions on Modern Aspects of Banking
As per the notification issued by the banks, the "third party ATM usage" will now be restricted to certain withdrawals and limits only. What does it really mean?
(1) The ATM cardholders will not be able to withdraw from other banks' ATMs under any circumstances.
(2) Customers of one bank may be able to withdraw only a limited amount from other banks' ATMs.
(3) ATM cardholders will have to pay a fee if they withdraw money from other banks' ATMs frequently.
As we all have notices, banks these days are giving more emphasis on 'Branchless Banking'. What does this really mean?
(1) Banks will not have many branches as used to be in the good old days. Instead, the number of branches will be restricted and will conduct only a specified core business.
(2) Banks will launch/operate many delivery channels like ATMs, Mobile Banking/Internet Banking etc so, that people are not required to visit a branch for their usual banking needs.
(3) This means banks will issue only debit or credit cards for all types of day-to day financial transactions. Cheques/ Cash Payments will not be allowed.
Which of the following is known as Plastic Money?
(1) Demand Draft
(2) Credit Card
(3) Debit Card
