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Aditya Birla Housing Finance Limited
ABC Solutions
What is NACH?
NACH is a web-based solution to facilitate interbank, high volume, electronic transactions which are repetitive in nature. Implemented by National Payments Corporation of India (NPCI), it can be used for monetary transactions such as distribution of subsidies, dividends, interest, salary, pension or collection of payments pertaining to telephone, electricity, loans, investments in mutual funds, insurance premium etc
NACH is a web-based system designed to assist with big volume, recurring electronic transactions. It is implemented by the National Payments Corporation of India (NPCI) and is utilized for financial operations like paying for loans, energy, telephone service, mutual fund investments, insurance premiums, and the distribution of subsidies, dividends, interest, salaries, and pensions.
NACH Credit: It allows automated credits to be paid directly into the bank accounts of beneficiaries, including government subsidies, dividends, interest payments, and wage payments.
NACH Debit: It allows direct debits from customers’ bank accounts to process utility bills, loan EMIs, insurance premium, and other regular payments.
NACH Mandate Management System (MMS): It provides a centralized platform for the registration, revision, and cancellation of mandates for both NACH Credit and Debit.
Convenience: NACH offers hassle-free automated payments, eliminating the need for manual transactions and ensuring timely payments.
Cost-Effectiveness: It reduces transaction costs associated with paper-based processes, saving businesses and individuals time and money.
Accuracy: Automated transactions through NACH minimise human error, ensuring precision and reliability in payment processing.
Improved Cash Flow Management: With scheduled payments, NACH aids in better cash flow management for businesses and individuals by ensuring timely inflows and outflows.
Enhanced Security: NACH transactions are conducted electronically, reducing the risks associated with physical cash handling and providing a secure payment environment.
Step 1: After successful creation of LAN for the respective loan customer has taken, authorization link will be shared with the customer over SMS comprising of details such as Name, Personal Details, Loan Details, Collection Amount, Collection Date, Frequency.
Step 2: The customer will authorize the NACH registration by either of the following:
1. Net Banking: By logging in via bank’s website
2. Debit Card: Provide your debit card details
3. Aadhaar: Provide your Aadhaar details
Step 3: After the successful registration by either of the above methods, the mandate will be authenticated and NACH activation will be successful.
NACH GUIDE FAQ's
Payment methods such as credit cards, debit cards, digital wallets and UPI generally require the customer to authorize each and every payment, which may lead to delay or fail to pay which leads to penalties.
NACH Debit is a 'pull' payment method: it requires the customer to only authorize an initial mandate from their account, following which you don't need to worry about authorizing future transactions.
All the ABHFL customers who have taken loan from June'22