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Sponsor Bank (Equitas Bank)
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Sponsor Bank is the Bank, which lodges NACH Transaction files for collection/ distribution of funds on behalf of its Corporates registered for NACH services. In case of loan EMI, the Bank acts as User Institution as well as Sponsor Bank.
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Destination Bank (customer’s account holding bank)
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The Bank responsible for the processing of Inward NACH transaction file is known as ‘Destination Bank’.
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NPCI
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Mandate Holder
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Institution User Code/Utility code
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Utility Code/ Institution User ID refer to the User Number that will be allocated by NPCI, to the Corporates.
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Mandate
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Mandate is a one-time registration process. It is just an authorization to the bankers to debit the account with a fixed amount or up to a certain limit as per the frequency given by the customer in mandate form.
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UMRN
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UMRN - UMRN is a Unique Mandate Reference number allocated to each new mandate created in NACH Debit. It is auto generated by the NACH system during mandate creation. UMRN is mandatory for every transaction.
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Transaction files
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Transaction file is the file containing the transaction details along with the customer account details (name, account no, ifsc code) along with the amount and the period of transaction.
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