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.
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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.
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The NACH consolidates multiple ECS systems across the country and provides a framework for the harmonization of standard and practices.