BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Electric
|
|
|
Electronic
|
|
|
Excess
|
|
|
Event
|
|
|
None
|
Detailed explanation-1: -The Electronic Clearance Service (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.
Detailed explanation-2: -Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa. ECS includes transactions processed under National Automated Clearing House (NACH) operated by National Payments Corporation of India (NPCI).
Detailed explanation-3: -The Reserve Bank of India has introduced the Electronic Clearing Service (Debit) scheme to provide faster method of effecting periodic and repetitive payments by ‘direct debit’ to customers’ accounts (duly authorised) thereby minimising paper transactions and increasing customer satisfaction.