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The ECS scheme provides an alternative method of
effecting bulk payment transactions like periodic
(monthly/ quarterly/ half-yearly/ yearly) payments of
interest/ salary/ pension/ commission/ dividend/ refund
by Banks/Companies /Corporations /Government
Departments. The transactions under this scheme move
from a single User source (i.e. Banks/Companies
/Corporations /Government Departments) to a large number
of Destination Account Holders (Customers/Investors).
This scheme obviates the need for issuing and handling
paper instruments and thereby facilitates improved
customer service by the Banks and
Companies/Corporations/Government Departments effecting
bulk payments.
The Scheme is in operation at 15 centres where Reserve
Bank of India manages Clearing Houses, 21 centres where
SBI is managing ECS on behalf of RBI and 29 other
centres where PNB and other banks are managing ECS on
behalf of RBI.
The ECS is being offered in the Department of Posts in
connection with payment of monthly interest under
“Monthly Income Scheme” (MIS). The Department of Posts
introduced ECS scheme on a pilot basis in Mumbai City on
9th August 2003. Under ECS, the depositors
have the facility of getting MIS interest automatically
transferred and credited into their SB account on the
due dates at the designated Bank of their choice.
Currently, the service is available in the Department of
Posts at 15 RBI locations and 19 SBI locations as given
below. In remaining 2 SBI locations viz. Raipur
(Chhattisgarh) and Ranchi (Jharkhand) the ECS will be
introduced shortly. |
