NPCI introduces New Mandate Category
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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