NPCI To Restart eSign-Based eMandate For Digital Lenders, Banks
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India, May 27 -- The National Payment Corporation of India (NPCI) has revoked its earlier restrictions on eNACH mandate and allowed banks and digital lenders to make recurring payments from consumers.
The NACH mandate is an authorisation, which consumers provide to institutions to credit or debit funds periodically. This product has been used by digital lenders for cost-effective, paperless collections of recurring loan payments. Authentication of an eSign user is done through eKYC service, after which an online electronic signature service is facilitated.
A Moneycontrol report said that in a circular issued on May 26, NPCI informed all banks that eSign-based electronic mandates will restarted from June 1, 2020. The NPCI has also asked ...
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