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What Is Ecs (debit) Scheme? |
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Answer» It is a scheme under which an ACCOUNT holder with a bank can authorize an ECS USER to recover an amount at a prescribed FREQUENCY by raising a DEBIT in his account. The ECS user has to collect an authorization which is CALLED ECS mandate for raising such debits. These mandates have to be endorsed by the bank branch maintaining the account. It is a scheme under which an account holder with a bank can authorize an ECS user to recover an amount at a prescribed frequency by raising a debit in his account. The ECS user has to collect an authorization which is called ECS mandate for raising such debits. These mandates have to be endorsed by the bank branch maintaining the account. |
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