Name of the Organization : Reserve Bank of India(rbi.org.in)
Type of Facility : Electronic Clearing Service Credit and Debit Scheme
Location : Bangalore
Website : http://www.rbi.org.in/home.aspx
Electronic Clearing Service : http://www.rbi.org.in/scripts/ECSUserView.aspx?Id=20
Senior Citizens Savings Scheme: https://www.indianjobtalks.in/6162.html
Opening of Bank Accounts Minors: https://www.indianjobtalks.in/40071.html
NEFT System Procedure: https://www.indianjobtalks.in/3815.html
RTGS System Procedure: https://www.indianjobtalks.in/6142.html
Gold Deposit Scheme: https://www.indianjobtalks.in/6118.html
How does the ECS Credit and Debit Scheme work? :
ECS Credit Scheme :
The User intending to effect payments through ECS Credit has to submit details of the beneficiaries (like name, bank / branch / account number of the beneficiary, MICR code of the destination bank branch, etc.), date on which credit is to be afforded to the beneficiaries, etc., in a specified format (called the input file) through its sponsor bank to one of the ECS Centres where it is registered as a User.
The bank managing the ECS Centre then debits the account of the sponsor bank on the scheduled settlement day and credits the accounts of the destination banks, for onward credit to the accounts of the ultimate beneficiaries with the destination bank branches.
Further details about the ECS Credit scheme are contained in the Procedural Guidelines and available on the website of Reserve Bank of India.
Click here
ECS Debit Scheme :
The ECS Debit User intending to collect receivables through ECS Debit has to submit details of the customers (like name, bank / branch / account number of the customer, MICR code of the destination bank branch, etc.), date on which the customer’s account is to be debited, etc., in a specified format (called the input file) through its sponsor bank to the ECS Centre.
The bank managing the ECS Centre then passes on the debits to the destination banks for onward debit to the customer’s account with the destination bank branch and credits the sponsor bank’s account for onward credit to the User institution. Destination bank branches will treat the electronic instructions received from the ECS Centre on par with the physical cheques and accordingly debit the customer accounts maintained with them. All the unsuccessful debits are returned to the sponsor bank through the ECS Centre (for onward return to the User Institution) within the specified time frame.
For further details about the ECS Debit scheme, the ECS Debit Procedural Guidelines – available on the website of Reserve Bank of India at
Click here
Contact us:
Reserve Bank of India
Nrupathunga Road,
Sampangirama Nagar,
Bangalore, Karnataka, India