4 Things to Know About Electronic Clearing System

4 Things to Know About Electronic Clearing System

Ever since the dawn of the internet era,┬ámost financial services have shifted online. Be it Availing a Personal Loan, paying Equated Monthly Instalments (EMIs), transferring money to someone, or simply paying an electricity bill, the internet has become the facilitator of all recurring transactions. The facility which has made this possible is the all-pervading electronic clearing system (ECS). What is the Electronic Clearing System (ECS)? Initiated by the Reserve Bank of India (RBI), ECS is essentially an electronic mode of transferring funds from one bank account to another. It can…

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