How does the ECS Debit Scheme benefit user institutions?
• Savings on administrative machinery for collecting the cheques from customers, presenting in clearing, monitoring their realisation and reconciliation. • Better cash management because of realisation / recovery of dues on due dates promptly and efficiently. • Avoids chances of loss/theft of instruments in transit, likelihood of fraudulent access to the paper instruments and encashment thereof. • Realisation of payments on a uniform date instead of fragmented receipts spread over many days. • Cost effective.
