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 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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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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Examples of Nodal Bank in a sentence

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

  • KVIC will identify the Nodal Bank Branches in consultation with State Governments and place the Margin Money (subsidy) with these branches both for rural and urban areas.

  • 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.

  • Additionally, consolidated insurance proposals/ statements/declarations from the bank branch/ Nodal Bank in case of PACS under its jurisdiction, shall be forwarded to the concerned Insurance Company along with details of remittance/ RTGS towards insurance premium, in accordance with cut off dates, as specified by SLCCCI for a particular crop and season.

  • To permit Insurance Company access to all relevant records / ledgers at the Nodal Bank/ Branch/ PACS for the purpose of scrutiny, if desired by them.

  • Allow Insurance Company access to all relevant records and registers at offices of Nodal Bank and service (subordinate) bank branches within their jurisdictional area.

  • In case of coverage through PACS, they will consolidate these particulars and send them directly/ to respective Nodal Bank Branches which will, in turn, submit application details online on National Crop Insurance Portal and submit crop-wise and insurance unit-wise declarations electronically in the prescribed format, along with the e-remittance of premium using payment gateway/ RTGS/NEFT mode, within the stipulated time, to insurance company.

  • IBPS/ Nodal Bank/ RRBs take no responsibility to receive/ collect any certificate/remittance/ document sent separately.

  • The Nodal Bank system adopted under NAIS/ NCIP* wherein the implementing Insurance Company is not required to deal with all the loan disbursing points and instead deals only with designated Nodal banks, will continue under PMFBY only for Cooperative Banks , However, for Commercial Banks/RRBs, the individual bank branches shall act as Nodal branch for this purpose.

  • Bank branches of Commercial banks and RRBs/ Nodal Bank in case of PACS under its jurisdiction shall submit individual insured farmer’s details along with NEFT/RTGS/UTR details of premium online through National Crop Insurance Portal.


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

  • Royal Bank means Royal Bank of Canada.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.