Corporation bank has launched a new ‘e-mandate’ service to support the huge amount of repetitive payments. The bank wanted to offer the platform to the utility companies for monthly subscriptions/bill payments and other finance companies for instalment payments; education institutions for school fee payment; and manufacturing companies.
The facility is launched by the Chairman and managing director of the bank Mr. S R Bansal. The activities under the E-mandate service are collection of mandate, and scanning and uploading of scanned image to NPCI (National Payments Corporation of India).
It is reported that t NPCI shall create a Unique Mandate Reference No (UMRN) and forward the image to destination bank (that is the account holder’s bank) for acceptance and further the bank will authenticate the details and upload it to NPCI with image and mandate data.