Objectives of ECS
1. Make Bulk Transactions: The Electronic Credit System is extremely useful in making bulk transactions for the distribution of salaries, subsidies, pensions, and other transactions. It can also be used for payment transactions such as utility bills, phone bills, water bills, electricity bills, premium payments, mutual fund payments, etc.
2. Reduced Operational Time: Electronic Credit system has been implemented to replace the old manual system which was in use by the banking sector, but manual systems had their own demerits and cons, and one of the leading issues was it was not as fast as it should have. ECS, a web-based solution has overcome this major concern and reduces operational time, which contributes towards faster mobilisation of funds.
3. Provide Low Cost Structure: Electronic Credit System avoids processing charges associated with paper-based transactions which leads to a significant decline in cost for banks and financial institutions. Moreover, the Electronic Credit System has nominal charges, which makes it preferred by stakeholders nationwide.
4. Automation: It was the need of the hour to bring cutting-edge technology, which can be helpful for stakeholders to deal with huge volumes of transactions. A robust, secure and scalable web-based system was needed to provide a faster and safer transaction platform to participants.
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