Electronic Clearing System definition

Electronic Clearing System or “ECS” or “ACH”, shall be deemed to include transfer of funds electronically either through a message for transfer of funds sent electronically or through an image of an instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of EPIs and/or PEPII.
Sample 1Sample 2Sample 3
Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation whic h has been consented to in writing by the Borrower for facilitating the payment of EMIs. "Standing Instruction" (SI) shall mean the written instructions issued by the Borrower to the Bank to debit the account of the Borrower maintained with Bank for facilitating payment of EMIs.
Sample 1Sample 2Sample 3
Electronic Clearing System hereinafter referred to as “ECS”, means the system/arrangement operated as such under the aegis of RBI, for facilitating inter alia the electronic payments / receipts for transactions that are repetitive and periodic in nature.
Sample 1Sample 2

Examples of Electronic Clearing System in a sentence

  • This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated below and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

  • This debit will be made through the Bulk Electronic Clearing System (BECS) and will be subject to the terms and conditions of the Direct Debit Request Service Agreement over the page.

  • Direct Debiting to credit cards does not form part of procedures governed by the Bulk Electronic Clearing System.

  • You acknowledge and agree it is your responsibility to ensure your nominated accounts can accept direct debits through the Bulk Electronic Clearing System (BECS).

  • If USFB permits repayment under the Loan through Electronic Clearing System (“ECS”)/Automated Clearing House (“ACH”) instructions as notified by RBI or through Standing Instructions linked to the Borrower’s account with USFB (“SI”), the Borrower should execute requisite mandate for registering ECS/ACH/SI.

  • This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated in Item 2 of the Schedule to this Agreement and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

  • This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated below or to the credit card details you have provided and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

  • This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated online and will be subject to the terms and conditions of the Direct Debit Request Service Agreement contained in this clause 4.

  • The annual premium may be paid by cash, cheque, debit/credit card, online payment, demand draft, however monthly mode is permitted only through salary deduction scheme (SDS), Electronic Clearing System (ECS) or through direct debit.

  • You want to make those payments by use of the Direct Debit System (Bulk Electronic Clearing System).


More Definitions of Electronic Clearing System

Electronic Clearing System hereinafter referred to as “ECS”, shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by Reserve Bank of India, participation in which has been consented to in writing by the Borrower(s) or Co-borrower(s) for facilitating payment of Instalments.
Sample 1Sample 2
Electronic Clearing System. (ECS) shall mean the debit clearing service notified by Reserve Bank of India participation which has been consented to in writing by the Borrower for facilitating the payment of EMIs.
Sample 1Sample 2
Electronic Clearing System or "ECS" shall mean an electronic debit clearing service as notified by the RBI, participation in which has been approved by the Borrower by giving prior consent in writing to the Lender.
Sample 1Sample 2
Electronic Clearing System. ECS' hereinafter referred to as 'ECS', shall be deemed to include transfer of funds electronically, either through a message for transfer of funds sent electronically or through image of instrument of transfer of funds sent electronically or through an electronic file containing the details of the funds transfer sent by electronic media or payment through an electronic cheque or where funds are transferred through various types of plastic cards or such other debit clearing service notified by RBI, participation in which has been consented to in writing by the Borrower for facilitating payment of installments; S 'Effective Date' means the date on which the first disbursement is availed by the Borrower out of the Loan;
Sample 1

Related to Electronic Clearing System

  • Electronic converter means a device capable of controlling and/or converting electric power for electric propulsion.

  • Electronic Control System means a combination of units, designed to co-operate in the production of the stated vehicle control function by electronic data processing. Such systems, often controlled by software, are built from discrete functional components such as sensors, electronic control units and actuators and connected by transmission links. They may include mechanical, electro-pneumatic or electro-hydraulic elements.

  • Electronic cleaner means a product labeled for the removal of dirt, moisture, dust, flux, or oxides from the internal components of electronic or precision equipment such as circuit boards, and the internal components of electronic devices, including but not limited to, radios, compact disc (CD) players, digital video disc (DVD) players, and computers. “Electronic Cleaner” does not include “General Purpose Cleaner,” “General Purpose Degreaser,” “Dusting Aid,” “Pressurized Gas Duster,” “Engine Degreaser,” “Electrical Cleaner,” “Energized Electrical Cleaner,” “Anti-Static Product,” or products labeled to clean the casings or housings of electronic equipment. “Electronic Cleaner” does not include any product that meets both of the following criteria:

  • Electronic Coupon means an electronic flight coupon or other value document held in our database.

  • Electronic component means an item that operates by controlling the flow of electrons or other electrically charged particles in circuits, using interconnections of electrical devices such as resistors, inductors, capacitors, diodes, switches, transistors, or integrated circuits. The term does not include structural or mechanical parts of an assembly containing an electronic component, and does not include any high performance magnets that may be used in the electronic component.

  • Electronic communication device means any mode of electronic communication, including but not limited to computers, cell phones, PDAs, or the internet.

  • Electronic communication service means a custodian that provides to a user the ability to send or receive an electronic communication.

  • electronic cash ledger means the electronic cash ledger referred to in sub-section (1) of section 49;

  • Electronic cigarette means any oral device that provides a vapor of liquid nicotine, lobelia, and/or other similar substance, and the use or inhalation of which simulates smoking. The term shall include any such devices, whether they are manufactured, distributed, marketed, or sold as e-cigarettes, e-cigars, e-pipes, or under another product name or descriptor.

  • Electronic Communication Network means the transmission line connecting the data transmission place and the data receiving place.

  • Content of an electronic communication means information concerning the substance or meaning of the communication which:

  • Electronic communications system means any wire, radio, electromagnetic, photooptical or photoelectronic facilities for the transmission of wire or electronic communications, and any computer facilities or related electronic equipment for the electronic storage of such communications;

  • Catalogue of electronic communications means information that identifies each person with which a user has had an electronic communication, the time and date of the communication, and the electronic address of the person.

  • Approved Electronic Communication means each notice, demand, communication, information, document and other material transmitted, posted or otherwise made or communicated by e-mail, E-Fax, the Credit Management Module of PNC’s PINACLE® system, or any other equivalent electronic service agreed to by Agent, whether owned, operated or hosted by Agent, any Lender, any of their Affiliates or any other Person, that any party is obligated to, or otherwise chooses to, provide to Agent pursuant to this Agreement or any Other Document, including any financial statement, financial and other report, notice, request, certificate and other information material; provided that Approved Electronic Communications shall not include any notice, demand, communication, information, document or other material that Agent specifically instructs a Person to deliver in physical form.

  • electronic communications network means transmission systems and, where applicable, switching or routing equipment and other resources, including network elements which are not active, which permit the conveyance of signals by wire, radio, optical or other electromagnetic means, including satellite networks, fixed (circuit and packet-switched, including Internet) and mobile terrestrial networks, electricity cable systems, to the extent that they are used for the purpose of transmitting signals, networks used for radio and television broadcasting, and cable television networks, irrespective of the type of information conveyed;

  • electronic commerce operator means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce;

  • Electronic Communications means any transfer of signs, signals, text, images, sounds, data or intelligence of any nature transmitted in whole or part electronically received and/or transmitted through the Cloud Service.

  • Approved Electronic Communications means any notice, demand, communication, information, document or other material that any Credit Party provides to Administrative Agent pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Agents or to the lenders by means of electronic communications pursuant to Section 10.1(b).

  • electronic credit ledger means the electronic credit ledger referred to in sub-section (2) of section 49;

  • Electronic Copy shall have the meaning specified in Section 10.17.

  • electronic commerce means the supply of goods or services or both, including digital products over digital or electronic network;

  • Electronic voting system means a secured system based process of display of electronic ballots, recording of votes of the Members and the number of votes polled in favour or against, in such a manner that the entire voting exercised by way of electronic means gets registered and counted in an electronic registry in a centralised server with adequate cyber security.

  • Electronic Bonding is a real-time and secure electronic exchange of data between information systems in separate companies. Electronic Bonding allows electronic access to services which have traditionally been handled through manual means. The heart of Electronic Bonding is strict adherence to both International and National standards. These standards define the communication and data protocols allowing all organizations in the world to exchange information.

  • Public Electronic Communications Network means an Electronic Communications Network provided wholly or mainly for the purpose of making Electronic Communications Services available to members of the public;

  • Electronic System means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

  • Electronic Notice shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.