ECCS – NPCI Circular
With
1000+ Clearing Houses in India, it is a herculean task, to migrate all the
Clearing Houses to ECCS.
ECCS
is picking up tempo.
The
NPCI Cir. No. is NPCI/ ECCS/2011-12/0807
dt.07/07/2011 and is addressed to The Chairman and Managing
Director/Chief Executive Officer of All Scheduled Commercial Banks including
RRBs/Urban
Cooperative Banks State Co-operative Banks/ District Co-operative
Banks
The
original ECCS circular states that Non-MICR centres will be migrated from the
present MMBC to ECCS. MMBC is also present in MICR centres, wherein the ‘Return’,
Clearing is conducted on MMBC. Hence, even in
MICR centres, ECCS has to be
introduced.
During
the last couple of months, the ECCS awareness is picking up. This is reflected
in the increase in the search strings for ECCS in Google and other search
engines.
Originally, it was envisaged that the complete
roll-out Pan India, should be over by 30th September, 2011. Yes, this
was an ambitious target. A mid course survey in July 11, by the concerned stake
holders i.e NPCI, showed that the progress was not on the intended timelines.
To
speedup the roll-out process, NPCI has released 3 Annexures.
Annexure
I contain a small write up on
ECCS.
Annexure-II lists out the requirements for a
Clearing House Managing Bank
Annexure-II
lists the requirements for participation in ECCS for a member bank in the
Clearing House
The
best part of the Annexure is the copy of the Purchase Order placed by Manmad
Banker’s Clearing House.
NPCI
has advised clearing houses to place a collective purchase order on behalf of
the Clearing House members with Image Infosystems, the Vendor of ECCS.
A
single purchase order, by the respective clearing houses is a better option,
than individual Banks placing the Purchase Order with the Vendor.
The
logistics and the receivable’s are otherwise un-manageable.
The
payment to the Vendor is to be released only when ECCS goes live. This minimizes
the risks to individual bank’s as the Clearing House can take a collective
decision.
