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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Enhancement in Mandate Cancellation Process

08-Apr-2025 | NPCI/2025-26/NACH/001

NPCI has issued the circular regarding the Enhancement in Mandate Cancellation Process effective from 08th April, 2025. By virtue of this circular, Mandate Cancellation is made available to any one of the sponsor banks to remove dependency on the registered sponsor banks for mandate cancellations, ensuring more efficient experience. It also specifies the consideration to be taken care of, while the facilities is provided to all the sponsor banks which are as follows: 1. They should maintain the mandate data for identification of mandates to be cancelled. 2. They have the ultimate responsibility for verifying the data and decision on action, where the data is provided by NPCI. 3. Considering that cancelled mandate can't be restored, sponsor banks shall take confirmation from corporates before proceeding. 4. Mandates can't be cancelled at the request of any other person, without taking the confirmation from corporate. Kindly refer the attached document for more information

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