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)
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