What are the variants of ECS? In what way are they different from each other?
Ans : Primarily, there are two variants of ECS – ECS Credit and ECS Debit. ECS Credit is used for affording credit to a large number of beneficiaries having accounts with bank branches at various locations within the jurisdiction of a ECS Centre by raising a single debit to an account of a bank (that maintains the account of the user institution). ECS Credit enables payment of amounts towards distribution of dividend, interest, salary, pension, etc., of the user institution.
