Nodal Bank definition
Examples of Nodal Bank in a sentence
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.
Any loss incurred to the Merchant, Cashlesso or the Acquiring Bank as a result of the link being breached due to improper security, shall be borne solely by the Merchant and the Merchant agrees to indemnify and keep indemnified Cashlesso, the Acquiring Bank and the Nodal Bank from any loss as may be caused in this regard.
If Cashlesso, Acquiring Bank and Nodal Bank has reason(s) to believe that a fraud has been committed against the Bank or Cashlesso by the Customer / Merchant or any third party, or has reason to believe that the Customer / Merchant has in connivance with any other person done any fraud or assisted in the same, Cashlesso and the Bank shall be entitled to suspend all payments to be made to Merchant pending enquiries by the Bank/s and Cashlesso.
If Merchant and Customer are unable to arrive at a satisfactory resolution of the problem within a period of fourteen days thereafter, Nodal Bank shall be entitled to make a direct credit to the disputing Customer’s account for the disputed amount.
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.
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, SAFE PAY INDIA will instruct the Nodal Bank to settle Merchant for all amounts pooled on Merchant’s dedicated subaccount.
SIB shall, upon receipt of payment in the Nodal Account intimate the Nodal Bank to make payments to Merchant Account as per the details of payments provided by the Facility Providers within stipulated time as defined in Master Service Agreement of the Master Service Agreement.
In the performance of its duties under this Agreement the Nodal Bank may rely on: any instruction, notice, statement or document believed by it to be genuine, correct and appropriately authorised and shall have no duty to verify any signature on any document; and any statement purportedly made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.