The National Payments Corporation of India (NPCI) on July 01, 2024, issued the notification regarding the Master Circular - Facility for cancellation of mandates to be provided to customers.
The following has been stated namely: -
Reference may be taken from our circulars wherein all the participating entities have been mandated to provide a facility for online cancellation of mandates. It was mandated that all participating entities provide the customers the option to submit their stop/cancel request through their website/any other electronic channels. In the "Stop" instruction, there should be a provision to remove the instruction so that the existing (stopped) mandate can be continued.
To enhance the customer experience it is decided that all the mandate registering entities (banks, corporates and aggregators) shall provide the following on their website:
•User guide.
•FAQs.
•Video depicting the process.
Covering the following:
Amend-Amend a few details of the registered mandate
Cancel - Permanently cancel the mandate.
Suspend / Revoke Suspend a mandate temporarily and allow the customers to revoke the suspension. No transactions shall be presented during the suspension period.
The timeline for compliance is September 30, 2024, it may be noted that non-compliance will attract punitive action including but not limited to barring the mandate-registering entities (banks/corporates/aggregators) from registering new mandates from the effective date.
[Notification No. NPCI/2024-25/NACH/001]
