Which of the following is not true about National Automated Clearing House (NACH)?
Answer: D
In Electronic Clearing Services (ECS), presentation and settlement is spread over 3-4 day period.
There are three types of ECS: Local ECS, Regional ECS, National ECS.
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.
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PhonePe, a Flipkart Group company, with which of the following banks launched India’s first UPI (Unified Payments Interface) based mobile payments app?
Answer: A
Mobile payments start-up PhonePe Internet Pvt. Ltd, which is owned by Flipkart, in partnership with private lender Yes Bank launched unified payments interface (UPI) based payments app.
PhonePe allows users to link their bank accounts securely to their smartphone using National Payments Corporation of India’s encrypted libraries.
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