Jamshedpur, June 19: Tata Power, India’s largest integrated power company, has become the first Power utility to enable online, automated bill payments using e-NACH (Electronic National Automated Clearing House). IDFC Bank is a technology partner and a settlement banker to Tata Power.
This is a new-age electronic online mandate registration process launched by the National Payments Corporation of India (NPCI) where consumers of Tata Power,Mumbai can now e-sign the mandate online using Aadhaar-based verification.
The first-ever use of e-NACH via e-mandate in the power sector is expected to enhance customer experience and drastically cut Turn-Around-Time (TAT) for online registration. It also makes the process more convenient as consumers do not need to fill in physical forms and can now initiate their mandate registration on-the-go.
Tata Power has collaborated with IDFC Bank to roll out this unique servicefor building customised technology that makes the digital solution user-friendly, while complying with NPCIs requirements. The implementation of e-NACH aligns with Tata Power’s approach of deploying innovative technologies that consistently enhance the quality of customer service.
Commenting on this development, Praveer Sinha, CEO & MD, said, “We are happy to partner with IDFC Bank for this digitized solution torevolutionise electricity bill payments in the city&improve overall customer service and experience. The service will provide more convenient and quicker payment options to the consumers and contribute to the financial inclusion in the country.”
Ajay Mahajan, Head, Wholesale Banking, IDFC Bank, said, “We are witnessing an unprecedented level of innovation in financial services, driven by either a singular or a combination of technologies. IDFC Bank is privileged to associate with Tata Power to create solutions that are transformational from a customer experience standpoint. Through a seamless integration of APIs, Tata Power hasbecome the first to deploy e-NACH for utility bill payments, making the process of registration for online payments completely paperless and simple. With this solution, Tata Power has placed convenience and flexibility in the hands of its consumer.”