How does the scheme benefit the ECS user-like corporate bodies/institutions?
Ans. • The ECS user saves on administrative machinery for collecting the cheques, monitoring their realisation and reconciliation. • Better cash management. • Avoids chances of frauds due to fraudulent access to the paper instruments and encashment. • Realise the payments on a single date instead of fractured receipt of payments.
Ans. • The ECS user saves on administrative machinery for printing, dispatch and reconciliation • Avoids chances of loss of instruments in postal transit. • Avoids chances of frauds due to fraudulent access to the paper instruments and encashment. • Ability to make payment and ensure that the beneficiaries’ account gets credited on a designated date.
