Why are bank name, branch name, branch code and IFSC number, account type and bank account number information collected from suppliers/contractors during registration?
The bank account information submitted by suppliers/contractors will be used for the following purposes: Bank account number is one of the criteria used to reconcile payments received over National Electronic Fund Transfer (NEFT) mode. Hence, suppliers/contractors are requested to ensure that bank account from which they do NEFT and bank account number given in supplier registration module is one and the same Refund of Earnest Money Deposit (EMD) money and other refunds will be made electronically through NEFT mode to the account number specified by contractors in supplier registration module Due to the two above mentioned reasons, contractors are requested to ensure that account details are inputted accurately in e-Procurement system to the last digit.
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