Electronic Clearing System refunds: depositories must maintain real-time MICR and bank details to secure accurate refund credits. Use of the Electronic Clearing System for refunds requires depository participants to update applicants' MICR codes and other bank details in depository databases on a real-time basis to prevent failed or incorrect ECS credits; depositories must issue instructions to DPs, amend bye-laws as necessary, and report implementation status to the regulator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Electronic Clearing System refunds: depositories must maintain real-time MICR and bank details to secure accurate refund credits.
Use of the Electronic Clearing System for refunds requires depository participants to update applicants' MICR codes and other bank details in depository databases on a real-time basis to prevent failed or incorrect ECS credits; depositories must issue instructions to DPs, amend bye-laws as necessary, and report implementation status to the regulator.
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