On Jan. 3, IND NPC issued circular re online mandate cancelation.
IND NPC issued circular requiring banks to implement online mandate cancelation functionality for customers, namely, cancel/amend/suspend and revoke (CASR).
Some banks have implemented the functionality, but many have not yet gone live.
Mandates all participating banks to provide customers with online options to submit stop/cancel requests through the bank website or other relevant electronic channels.
Non-compliant banks will be de-boarded from participating in the ONMAGS system.
Effectiveness
Banks must comply by implementing online CASR facility before Feb. 28, 2025.
