Nodal Bank definition

Nodal Bank means the bank nominated by the Department of Financial Services, for the purposes of financial restructuring of the State Distribution Licensee and for the purposes of co-ordination with the State Government, State Distribution Licensee and the participating Lenders;
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Nodal Bank means any bank where the Client holds a Nodal Account for the purpose of facilitating online payments in accordance with the applicable guidelines / regulations of the RBI and which undertakes the responsibility of settling the Sub-Merchant payments;
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Nodal Bank means the Bank which maintains internal bank account for the purpose of collection of electronic payments from Buyers and settlement to Sellers towards products/goods purchased on Website in accordance with RBI directions for opening and operation of Accounts and settlement of payments for electronic payment transactions involving intermediaries.
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Examples of Nodal Bank in a sentence

  • State Bank of India (SBI) has been authorized as a Nodal Bank and its payment gateway has been integrated/mapped with CPP Portal for the collection of Tender Processing Fee through e-procurement portal from various bidders participating in e-Tendering/e- Procurement process.

  • The National Strategy has been approved but the implementation has been delayed.

  • Razorpay POS shall settle the regular card / UPI Transaction Amount (net of Permissible Deductions) into Your account within two (2) Escrow / Nodal Bank working days following the date of the Transaction.

  • After the disbursement of first installment of the loan, the bank shall apply to the Nodal Bank for sanction and release of subsidy.

  • The scrolls accompanied by challans and refund vouchers are received from the Nodal Bank by the CIT (Computer Operation) as the case may be.

  • All the Banks will consolidate data regarding interest subsidy from their branches and upload on the portal of Nodal Bank.

  • Notwithstanding anything provided elsewhere in this Agreement, the Merchant shall, wherever possible, endeavour to dispatch the Products and Services to its Customers only upon confirmation from Cashlesso that the reconciliation of fund is over between Cashlesso, Acquiring Bank and the Nodal Bank, and upon confirmation that the funds have been received in the Merchant’s account.

  • Subject to payment rejections, payments withholding and Deductions described hereunder, Asian Checkout will instruct the Nodal Bank to settle Merchant for all amounts pooled on Merchant’s dedicated subaccount.

  • Asian Checkout collects funds from Customers on behalf of Merchant, pools the collected amount into the Nodal Bank account and settles Merchant net of the so-called deductions described in clause 6.3 hereunder.

  • EMD should be remitted through RTGS / NEFT to Nodal Bank Account without time lag, failing which the tender becomes disqualified or The EMD of 10% of the Reserve Price can also be paid by of a Demand Draft/Pay Order drawn in favour of The Karur Vysya Bank Ltd, Payable at Visakhapatnam along with Bid Form.


More Definitions of Nodal Bank

Nodal Bank mean the bank(s) appointed by the Master Merchant for purpose of pooling funds collected from Customers on behalf of the Sub Merchant and facilitating the transfer of funds in final settlement to the Sub Merchant after deduction of TDR or any other amount receivable from Sub Merchant pursuant to RBI circular RBI/2009-10/231 DPSS.CO.PD.No.1102 /02.14.08/ 2009-10 dated November 24, 2009 or any other RBI guidelines amended from time to time,
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Nodal Bank means a bank that is authorized by the RBI under its circular DPSS.CO.PD.NO.1102/02.14.08/2009-10 dated November 24, 2009, to operate a Nodal Account.
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Nodal Bank means a bank which is authorized by the Reserve Bank of India and operates the Nodal Account under the guidelines stipulated by RBI for operating such accounts for third party settlements for the Service Provider, to receive all the settlement proceeds and settles it to the Merchant. “Nodal Account” shall mean the bank account designated as the ‘Nodal Account’ by the Service Provider (as per the RBI guidelines) for the purpose of receiving and disbursing the proceeds of settlement of all Transactions processed through the Service Provider.
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Nodal Bank means an IFSC Banking Unit (‘IBU’) or an IFSC Banking Company (‘IBC') identified by a payment service provider for maintenance of security deposits, if so specified by the Authority, or for holding of funds in escrow account or for any other purposes.
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Related to Nodal Bank

  • Commercial Bank means a bank, defined as a scheduled bank under section 2(e) of the Reserve Bank of India Act, 1934.

  • National bank means a national banking association

  • International banking institution means an international financial institution of which the United States is a member and whose securities are exempt from registration under the Securities Act of 1933.

  • L/C Bank means the Original L/C Bank and any other Lender which has been appointed as an L/C Bank in accordance with Clause 5.11 (Appointment and Change of L/C Bank) and which has not resigned in accordance with paragraph (c) of Clause 5.11 (Appointment and Change of L/C Bank).

  • Royal Bank means Royal Bank of Canada.

  • International Financial Institution means any bank in the top 1,000 (together with their affiliated companies) as measured by "Tier 1" capital or any broker/dealer in the top 100 as measured by capital.

  • Digital Banking (a) means our present and future online banking services which can be accessed through 365 Online, Business Online, Bank of Ireland Mobile Banking, and services available on www.bankofireland.com; and

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Eye bank means a person that is licensed, accredited, or regulated under federal or state law to engage in the recovery, screening, testing, processing, storage, or distribution of human eyes or portions of human eyes.

  • Reporting Financial Institution means a Reporting Finnish Financial Institution or a Reporting U.S. Financial Institution, as the context requires.

  • KeyBank means KeyBank National Association.

  • foreign financial institution means an institution registered as a foreign financial institution with the Ministry of Finance in the Mexican Banking and Financial Institutions, Pensions, Retirement and Foreign Investment Funds Registry for purposes of Article 195, Section I of the Mexican Income Tax Law.

  • your financial institution means the financial institution nominated by you on the DDR at which the account is maintained.

  • Canadian financial institution means (i) an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

  • Bank is defined in the preamble hereof.

  • Non-Reporting Financial Institution means any Financial Institution that is:

  • UK Financial Institutions means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Eligible Financial Institution means, as of the date of any assignment as contemplated in Section 8.07(a)(i), a commercial bank or financial institution (i) with a credit rating on its long-term senior unsecured debt of either (a) “AA-” or better from S&P or (b) “Aa3” or better from Xxxxx’x; and (ii) having shareholders' equity of not less than $5,000,000,000.

  • GS Bank shall have the meaning assigned to such term in the preamble to this Agreement.

  • Bank Holding Company means a company registered as such with the Federal Reserve pursuant to 12 U.S.C. §1842 and the regulations of the Federal Reserve promulgated thereunder.

  • Federal home loan bank means a federal home loan bank established under the federal Home Loan Bank Act, 12 U.S.C. §1421 et seq.

  • Approved Commercial Bank means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.

  • EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

  • Central Bank Rate has the meaning given to that term in the Reference Rate Terms.

  • FSB means American Express Bank, FSB, a federal savings bank, and its successors and assigns.

  • SBI / Bank means State Bank of India (client) a body Corporate created under SBI Act 1955, having one of its Circle Office at State Bank of India, III/1 Pandit Jawaharlal Nehru Marg, Bhubaneswar- 01 and includes the client’s representatives, successors and assigns.