NBFCs seek simpler methods for cancellation of NACH mandate ...Middle East

NBFCs with asset base of below Rs 500 crore have requested the National Payments Corporation of India (NPCI) to provide a simpler method such as WhatsApp or SMS for cancellation of NACH mandate for their customers. National Automated Clearing House (NACH) mandate is a direction to the bank to honour recurring payments like loan instalments, insurance or systematic investment plans (SIPs). In order to facilitate online submission of customer requests for mandate cancellation, NPCI has asked banks, NBFCs and corporates to provide an option to the customers to submit the cancellation/stop request through their website or any other electronic channels. In a letter to NPCI, Finance Industry Devel

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