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How does the ECS Credit Scheme work?

April 26, 2017credit ECS Scheme

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How does the ECS Credit Scheme work?

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Ans : The user intending to effect payments through ECS Credit has to submit details of the beneficiaries (like name, bank / branch / account number of the beneficiary, MICR code of the destination bank branch, etc.), date on which credit is to be afforded to the beneficiaries, etc., in a specified format (called the input file) through its sponsor bank to one of the approved ECS Centres. The list of centres where the ECS Credit facility is available has been placed on the website of Reserve Bank of India at http://www.rbi.org.in/scripts/ECSUser.aspx.