e-Mandate is a digital payment service introduced by the RBI and National Payments Corporation of India to streamline the payments process for companies. This process serves as the underlying infrastructure for firms to gather payments without manual intervention.
Electronic Mandate (eMandate) works as a standing instruction that allows banks to debit the specified amount from your bank account. Moreover, it is convenient for companies and individuals to manage their scheduled payments.
Previously this mandate was available offline, but the online process has made it more convenient. Now that you are aware of an e-Mandate definition, read on to know more about the details of this process.
Step 2: Select the e-Mandate option
Step 3: Go through all the personal details and click on the ‘proceed’ option
Step 4: Validate your bank account information, select your preferred registration mode, read through the disclaimers, and then click on the ‘submit’ option
Step 5: If you decide to go ahead with the OTP option, enter the code received on your registered mobile number and click on ‘Submit’
Alternatively, if you select the ‘debit card/ net banking’ option, you will be redirected to the ‘Digio Page’. Here you can click on your mode of registration, read the disclaimer and then submit it. Digio is an accredited aggregator of the e-Mandate process via NPCI.
Step 6: Once you complete either of the processes mentioned above, you will be redirected to your preferred bank’s website.
Step 7: Once this mandate is authenticated successfully, your bank will approve it in due course
After you complete the steps mentioned above, your application will be registered with your respective banks. Afterward, you can see the Bajaj Finserv e-Mandate status in your Bajaj Finserv account.
Furthermore, you should also know you have the liberty to cancel this mandate at any given moment. You can just get in touch with your bank and complete this process. Contrarily, an organisation can also cancel it, if required, by submitting a form with respective banks.