Banking Term: Electronic Clearing Service (ECS)

Find important banking term that is useful in upcoming banking exam.

Mar 16, 2015 15:35 IST

The RBU has introduced a new electronic payment scheme called ‘Electronic Clearing Service’.

This system allows companies, government department, and institutions, which have to make bulk payments in the form of dividend warrants and interest payment on bonds to investor to transfer the proceeds electronically to the customers’ banks accounts.

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