PRINCE KUMAR
Ranchi, Dec 10: The payment of bills passed by the Treasury of the state government will be possible on Sundays and holidays also as the Jharkhand government has decided to implement the National Automated Clearing House (NACH) payment mode.
The cabinet has approved the NACH payment system which will make the work related to government payments easier.
At present, the state government pays bills through an automated electronic disbursement system through SBI’s Cash Management Product (CMP) and RBI’s E-Kuber platform. Under this arrangement, the payment is made directly from the government account of the RBI. In case of failure of payment, the amount remains in the account of the government and its information is given to the concerned treasury. Whereas in case of failure of payment in NACH, the return will be settled by the bank within 4 working days.
In the old system of payment in the state, only 5000 beneficiaries could be paid simultaneously. After the launch of the NACH system, bulk payment can be done in one go. This system will be very useful for the direct delivery of money to the accounts of lakhs of beneficiaries under DBT.
The National Payments Corporation of India (NPCI) launched the “National Automated Clearing House (NACH)” as a web-based solution for banks, financial institutions, corporations, and the government to facilitate interbank, high-volume, electronic transactions that are repeated and periodic.
The NACH System can be used to make bulk transactions for the distribution of subsidies, dividends, interest, salary, pension, and so on, as well as for the collection of payments for telephone, electricity, water, loans, mutual fund investments, insurance premiums, and so on.
