2023 2024 EduVark > Education Discussion > Banks Related


  #2  
October 20th, 2019, 08:48 AM
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Re: ECS No of State Bank of India

Can you provide me the details of the Policy for dealing with incidents of frequent dishonour of cheques and failed ECS (Electronic Clearing Service) for State Bank of India?
  #3  
October 20th, 2019, 08:51 AM
Super Moderator
 
Join Date: Mar 2012
Re: ECS No of State Bank of India

The details of the Policy for dealing with incidents of frequent dishonour of cheques and failed ECS (Electronic Clearing Service) for State Bank of India are as follows:


Procedure for handling failed ECS

If a Destination Branch (the bank branches where the Destination Account holders maintain their bank account from which ECS utility payments are debited) is not in a position to debit a particular transaction for insufficiency of funds, it should report the same with a Return Memo to the Service Branch/Main Branch on the same day with the details of failed ECS, in any case not later than 24 hours of the returned /undebited ECS processed in the Clearing House.


On receipt of the undebited NACH/ ECS from all concerned branches/ banks, the Service Branch of the Destination Bank would flag off or mark off the relevant debit items in the tape or floppy as unpaid.

It would be the responsibility of the Sponsor Bank (Branch) (refer to the bank/branch which had agreed to act as the agent of the User company i.e. utility-companies, insurance/ corporations/Collection Service Provider/ Govt. departments, or any institution receiving/collecting payments from a large number of branches/ credit banker etc) to advise the User regarding failed NACH/ ECS debit.



SBI Policy for dealing with incidents of frequent dishonour of cheques and failed ECS






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