|1||Mandate verification is done based on physical resulting in verification issues and delayed timelines.||A robust mandate management system that will include a standardized mandate format and a defined workflow for mandate verification.|
|2||No such concept of a unique mandate registration reference number.||
Unique mandate registration reference number will be available, which will allow for better tracking.
|3||Higher number of rejection observed on account of mandate related issues||Provision to capture destination banks unique mandate registration in the transaction file resulting in lesser rejections.|
|4||Presentation and settlement is spread over 3-4 day period.||Same day presentation and settlement including returns processing.|
|5||Dispute management is left to the discretion of the Destination Bank||Well defined Dispute Management System electronic platform to raise and resolve issues, Oversight by the NPCI.|
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Life Insurance Corporation of India (DO-11J Branch, KG Marg, New Delhi)
Star Health and Allied Insurance Co Ltd . (KG Marg Branch, New Delhi)
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