Electronic Clearing System definition

Electronic Clearing System or “ECS” or “ACH”, shall be deemed to include transfer of funds electronically either through a message for transfer of funds sent electronically or through an image of an instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of EPIs and/or PEPII.
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Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation whic h has been consented to in writing by the Borrower for facilitating the payment of EMIs. "Standing Instruction" (SI) shall mean the written instructions issued by the Borrower to the Bank to debit the account of the Borrower maintained with Bank for facilitating payment of EMIs.
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Electronic Clearing System hereinafter referred to as “ECS”, means the system/arrangement operated as such under the aegis of RBI, for facilitating inter alia the electronic payments / receipts for transactions that are repetitive and periodic in nature.
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Examples of Electronic Clearing System in a sentence

  • Request and Authority to Debit Surname or company name Given names or ACN/ARBN Request and authorise Campbelltown City Council (93533) to arrange for any amount Campbelltown City Council may debit or charge you to be debited through the Bulk Electronic Clearing System from an account held at the financial institution identified below subject to the terms and conditions of the Direct Debit Request Service Agreement (and any further instructions provided below).


More Definitions of Electronic Clearing System

Electronic Clearing System hereinafter referred to as “ECS”, shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by Reserve Bank of India, participation in which has been consented to in writing by the Borrower(s) or Co-borrower(s) for facilitating payment of Instalments.
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Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation which has been consented to in writing by the Borrower for facilitating the payment of EMIs.
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Electronic Clearing System or "ECS" shall mean an electronic debit clearing service as notified by the RBI, participation in which has been approved by the Borrower by giving prior consent in writing to the Lender.
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Electronic Clearing System. ECS' hereinafter referred to as 'ECS', shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of installments; S 'Effective Date' means the date on which the first disbursement is availed by the Borrower out of the Loan;
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Related to Electronic Clearing System

  • Electronic Control System means a combination of units, designed to co-operate in the production of the stated vehicle control function by electronic data processing. Such systems, often controlled by software, are built from discrete functional components such as sensors, electronic control units and actuators and connected by transmission links. They may include mechanical, electro-pneumatic or electro-hydraulic elements.

  • Electronic component means an item that operates by controlling the flow of electrons or other electrically charged particles in circuits, using interconnections of electrical devices such as resistors, inductors, capacitors, diodes, switches, transistors, or integrated circuits. The term does not include structural or mechanical parts of an assembly containing an electronic component, and does not include any high performance magnets that may be used in the electronic component.

  • Electronic Communications means any transfer of signs, signals, text, images, sounds, data or intelligence of any nature transmitted in whole or part electronically received and/or transmitted through the Service.