e-Sign based mandate (e-NACH) suspended by NPCI
Pursuant to the notification from NPCI we have stopped e-NACH mandate registration process completely on 22-Nov.
Ps: This does not impact mandates registered using a URN number by adding BSE as a biller to your bank account.
Key Takeaways from NPCI Circular:
- No impact if your e-NACH mandate was approved prior to 26-Sep-18.
- For mandates approved after 26-Sep-18, you have till 15-Feb-19 to shift to a Paper Based NACH Mandate.
- Embossing customer signature (cropped from another document) or signing on a digital device is specifically disallowed for e-NACH mandate.
We will reach out to all our clients who are impacted by this and will share the next steps within the next few days. Further, we are working with BSEStarMF, our transaction aggregator, to bring to you a seamless Paper Based NACH Mandate registration process and expect to roll this out within the next 2 weeks.
NPCI circular suspending eSign based E-Mandate
NPCI Circular disallowing embossing (cropped signature) or sign on digital device
If you have further questions about your e-NACH mandate registered through Kuvera do reach out to us at [email protected]