Electronic Clearing Service


Payment is an indispensable part of our daily transactions, be it a consumer to a business, a business to a consumer or a business to a business.

Payment systems in any country is the most essential part of the economic system of that country. Efficiency in this is required to guarantee the timely completion of all transactions.

As the apex financial and regulatory institution in the country it is compulsory for the RBI to ensure that the payment system in the country is as technologically advanced as possible and in view of this aim, the RBI has taken several initiatives to strengthen the e-payments system in India and encourage people to adopt it.

Due to the efforts of the RBI and the BPSS now over 75% of all transactions are made in the electronic mode, including both large-value and retail payments. Out of this 75%, 98% come from the RTGS (large-value payments) whereas a meagre 2% comes from retail payments. This means consumers have not yet accepted this as a regular means of paying their bills and still prefer conventional methods.

Types of e-payments

  • Electronic Clearing Service (ECS Credit)
  • Electronic Clearing Services (ECS Debit)
  • National Electronic Funds Transfer (NEFT)