Corporation Bank on Friday launched the e-mandate (digital mandate) service, offering a modern platform for large volume of repetitive payments, eliminating post-dated cheques and extending electronic clearing service (ECS) on pan-India basis.
Bank Chairman and Managing Director S. R. Bansal launched the facility at a corporate meeting of the bank in Bangalore.
Many payments, namely, utility payments, instalment payments, school fee payments, premium payment and the line, which are still being made through post-dated cheques or through ECS, could now be made through e-mandate, the bank said in a release.
The e-mandate would be leveraging the services of the National Payments Corporation of India’s (NPCI) National Automated Clearing House (NACH) services.
The NACH consolidates multiple ECS systems across the country and provides a framework for the harmonization of standard and practices.