Nodal Account definition

Nodal Account means a bank account held in SIB as per RBI guidelines for the merchant settlement.

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Nodal Account means an account maintained and operated in the name of Cashlesso by the banks for the purpose of collecting the monies collected from all the Merchants and facilitating the subsequent payouts to the Merchant, pursuant to RBI notification DPSS.CO.PD.No.1102/ 02.14.08/2009-10, dated 24/11/2009 (herein after referred to as “Guidelines”), as may be amended from time to time. The Nodal Bank account shall not be operated by Cashlesso and the payments will be strictly distributed to the Merchant from this Nodal Account operated by the Nodal Bank in accordance with Guidelines.

Nodal Account means the nodal bank account held by PayU with any of the bank for the purpose of facilitating online payments with respect to RBI notification dated 24th Nov 2009.

Examples of Nodal Account in a sentence

• Remittances to you for Your Transactions (excluding COD transactions) will be made through a nodal account (the "Nodal Account") in accordance with the directions issued by Reserve Bank of India for the opening and operation of accounts and settlement of payments for electronic payment transactions involving intermediaries vide its notification RBI/2009-10/231 DPSS.CO.PD.No.1102 / 02.14.08/ 2009-10 dated November 24, 2009.

• In the event your balance in the Nodal Account is insufficient to process the refund request, we will process such amounts due to the customer on your behalf, and you will reimburse us for all amounts so paid.

• For the purposes of making payments to the customer (which may be in the same payment form originally used to purchase Your Product), you authorize us to make such payments or disbursements from your available balance in the Nodal Account (as defined in Section S-6).

• The Merchant consents and agrees that SIB shall pay to the Merchant for the Transaction Amount only after SIB receives the Transaction Amount from the Facility Providers through Nodal Account.

• The Transaction Amount(s), in respect of the Transaction of the Customer through the Valid Card or Bank Account as prescribed under this Agreement shall be received/aggregated by SIB into its Nodal Account and in the manner and as per the procedure prescribed by the Reserve Bank of India from time to time.

• The Aggregator hereby unequivocally agrees that the Nodal Bank or RBI or person authorized by RBI or the Nodal Bank shall have a right to conduct an audit of the Nodal Account.

• In the event chargeback refund direction being issued by the Bank, the concerned Merchant shall ensure the refund of the amounts received by the Merchant in respect of such Card Transaction (“Refund Monies”) by depositing the same into the Nodal Account forthwith (i.e. on the same day on which the Refund Direction is received from the Bank/ Cashlesso).

• Money transfers to you for your Transactions will be made through a vedic account (Nodal Account) in accordance with the instructions of the Reserve Bank of India on the opening and operation of accounts and the calculation of payments on electronic payment transactions involving intermediaries vide its notification TO RBI/2009-10/231 ▇▇▇▇.▇▇.

• Upon termination the User shall forfeit their transaction fees paid to DgNote with regards to processing of the Transaction, however the funds intended to be transferred to desired third party, if still in the Nodal Account of DgNote shall be transferred to the desired third party or returned to the User.

• In the event that your balance in the Nodal Account is insufficient to process the refund request, we will process such amounts due to the customer on your behalf, and you will reimburse us for all such amount paid in this way.

More Definitions of Nodal Account

Nodal Account is an account held by Razorpay with a Nodal Bank for the purpose of receiving the Transaction Amount and effecting settlements to the Client or the Client’s third party vendor (where authorized by the Client).

Nodal Account shall have the meaning as set forth in Clause (i) of Part A, Schedule I;

Nodal Account means an account held by Curlec with an escrow/nodal bank, as applicable, for the purpose of receiving the Transaction Amount and effecting settlements to the Merchant.

Nodal Account means an account maintained by BFL with scheduled commercial bank in respect of prepaid transactions initiated from Bajaj Finserv Pay Wallet (in accordance with the applicable RBI guidelines)and shall mean the account maintained by PayU in respect of Transactions initiated through UPI, Valid Card and/or net banking with any of the banks for the purpose of pooling the monies collected from Customers and facilitating the transfer of these funds in final settlement to the Merchant. .

Nodal Account means an account maintained by PayU with any of the banks for the purposes of pooling monies collected from Customers on behalf of the Merchant and facilitating the transfer of these funds in final settlement to the Merchant (after deducting Service Fee), pursuant to RBI notification DPSS.CO.PD.No.1102/ 02.14.08/2009-10, dated 24/11/2009 or any other RBI notifications/guidelines amended from time to time.

Nodal Account means an account held by WIPL with any of the banks for the purpose of pooling the monies collected from all the Merchants and facilitating the subsequent payouts to the Merchant, pursuant to RBI notification DPSS.CO.PD.No.1102/ 02.14.08/2009-10, dated 24/11/2009.