The National Payments Corporation of India (NPCI) has announced a deadline of February 28, 2025, for banks to implement the CASR (Cancel, Amend, Suspend, Revoke) feature for NACH mandates.
NPCI has warned that banks failing to meet this deadline will be excluded from the Online Mandate Generation System (ONMAGS).
What is CASR feature?
This feature will enable customers to conveniently cancel, modify, suspend, or revoke NACH mandates for payments like Mutual Fund SIPs, Loan EMIs, or Insurance Premiums using their bank’s website or other digital platforms.
Benefits for Customers
Convenient Online Process: Customers can manage mandates online without visiting a bank branch.
Enhanced Transparency: All active and suspended mandates will be easily viewable and manageable.
Restart Option: Customers can reactivate previously suspended mandates effortlessly.
Challenges in the Current System
Many customers struggle to stop or modify their SIP, EMI, or premium payments due to the lack of a uniform process across banks.
Each bank follows different rules, making the process complicated. NPCI’s initiative aims to simplify and secure digital banking, enhancing the overall customer experience.
Guidelines for Banks to Follow
Secure Authentication: Customers must verify their identity using login credentials and an OTP.
Mandate Selection: Customers can view and choose from all registered mandates linked to their account.
Warning Message: A pop-up notification will appear before confirming the cancellation.
Notification Alert: Customers will receive an SMS regarding the cancellation request on their registered mobile number.
Faster Processing: Banks must process the cancellation request on the same day it is submitted.
What Happens If the Deadline Is Missed?
NPCI has cautioned that banks failing to implement the CASR feature by the deadline will be removed from the ONMAGS system.
This will prevent them from processing NACH mandates, significantly affecting their services.
A Major Step Towards Enhancing the Facility
Several banks have already adopted the CASR feature. NPCI’s move will not only benefit customers but also make digital banking more efficient and user-friendly.
