RBI has recently advised banks to optimize & expand use of National Electronic Clearing Service (NECS). Which among the following is a wrong sentence about NECS?

•      National Electronic Clearing Service (NECS) was introduced in September 2008

•      The main objective of NECS is centralized processing of repetitive and bulk payment instructions

•      NECS has a pan-India characteristic leveraging on Core Banking Solutions (CBS) of member banks.

•      All of the above