NACH Debit is a mandate based collection solution allowing corporates to pull funds at a regular frequency as confirmed by its customers from accounts in other banks to a single account with Axis Bank.
Mandate registration can be initiated via submission of physical documents/authorized scans or eNACH (API eNACH) modes-
For Physical Documentation: Duly signed NACH mandates forms must be submitted to the bank’s central Ops team for further processing.
For Scans: Images of physical NACH mandates as per NPCI’s format can be placed on Bank’s SFTP folder along with details in excel file for further processing.
API eNACH: Permits mandate initiation to be done online from merchant’s website and gets directed to end user’s bank page for user verification using Debit Card/ Net-Banking credentials. This is faster and secure mode for regular collection.