Debit transaction, to the customer’s account, cane be initiated only after mandate is accepted by the sponsor bank and UMRN is active in MMS system
Amendment/Cancellation can be done only by the sponsor bank.
Customer can approach either the corporate or his banker for amending a mandate. The bank should follow the amendment procedure detailed in the business specification document.
It will be effective after the acceptance of the receiver bank.
Customer should approach the corporate for cancellation of a mandate. Based on the request, corporate will intimate the sponsor bank for initiating the request. The bank should follow the cancellation procedure detailed in the business specification document.
As per RBI guidelines the records should be retained for a period of 10 years. Record maintenance is governed by RBI, therefore if the stipulated period changes the member banks should follow the guidelines issued by RBI from time to time.