NPCI introduces New Mandate Category

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          NPCI NACH Team has announced the introduction of a new mandate category i.e “Small Value Mandate”.

The “Small Value Mandate” is the outcome of the recent NACH Steering committee attended by member banks.  The Steering Committee meeting was held on February 8, 2018.

No, the complete Minutes of Meeting of this Steering Committee are not in public domain.

The details of this Mandate category are as under:

Category Code : S001
Category Name: Small Value Mandate
Amount Cap: INR1000/-
Frequency: As and when presented
Effective Date: April 15, 2018

          There are more than 750 banks live on the NPCI NACH Debit platform. This new mandate category will enable sponsor banks to pull monies from accounts spread all over India in a single shot.

         



           

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