NEW DELHI, Nov 2: State-owned Corporation Bank has launched digital mandate services that provide a platform for large volume of repetitive payments.
It will help in eliminating postdated cheques and also to extend Electronic Clearing Services (ECS) on pan India basis, the bank said in a statement.
Many payments such as utility payments, installment payments, school fee payments, premium payment etc are still being made through post-dated cheques or through ECS debits, it said.
Both the above payment mode involves physical handling of paper based instruments like cheques, it said.
Also, ECS debits are presently available only in select locations across India, it added.
The e-Mandate (Digital Mandate) services of the bank offer highest flexibility to the customers at the same time keeping the cost of operations low for the product.
The main activity under the product includes collection of mandate and scanning and uploading of scanned image to NPCI. (PTI)
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