Further to our Notice No. 20181122-48 with regards to “Suspension of E-Mandate Registration”, please find attached herewith NPCI circular on Suspension of eSign based E-mandate dated November 23, 2018.
As mentioned in the aforesaid NPCI Circular,
· eSign based E-mandate product be suspended with effect from November 26, 2018.
· E-mandates presented subsequent to the date of judgement (September 26, 2018) and already approved by the destination bank will be valid till February 15, 2019.
· eSign based E-mandates presented and processed prior to date of judgement continue to be valid and hence the corporates can continue to present the transactions on the approved mandates.
· eSign based e-mandate presented subsequent to the date of judgement (September 26, 2018) and already approved by the destination bank will be valid till February 15, 2019. The corporates/banks can present the transactions till February 15, 2019 on the approved mandates however they should work in parallel to replace the eSign mandate with either physical mandates or other variants of E-Mandate as may be offered by the customer’s bank.
· The eSign mandates presented subsequent to the date of judgement (September 26, 2018) will be nullified on February 16, 2019 i.e., transactions cannot be presented on these mandates from February 16, 2019.
Ketan Jantre Zeeta Eustace
Sr. General Manager – Mutual Funds Asst. General Manager – Mutual Funds
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