Corporation Bank launches ‘e-Mandate’ service ======================================== i. To provide robust platform for large volume of repetitive payments, Corporation Bank has launched the ‘e-Mandate’ (digital mandate) service. ii. The ‘e-Mandate’ service will be beneficial to the utility companies for monthly subscriptions/bill payments; insurance companies for premium payment by policy holders; NBFCs and other finance companies for instalment payments; education institutions for school fee payment; and manufacturing companies. iii. Now most of these transactions are done either through post-dated blank cheques or through Electronic Clearing Services (ECS). Both the above payment modes involve physical handling and movement of paper-based instruments such as cheques and mandate (in ECS). e-Mandate activities The activities under ‘e-Mandate’ include collection of mandate, and scanning and uploading of scanned image to NPCI (National Payments Corporation of India).
Posted on: Sun, 19 Oct 2014 04:52:21 +0000
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