Latest news with #ECS
Mint
2 days ago
- Business
- Mint
ECS/NACH return charges: Meaning, penalties and how to avoid them
In the nation's rapidly evolving and digitising financial landscape, automated payment systems such as Electronic Clearing Service (ECS) and National Automated Clearing House (NACH) have become extremely vital and indispensable for recurring payments for services along with other related transactions. Still, in cases when these payments fail due to one reason or the other, customers are often hit with hefty return charges. Hence, in such a situation you should always keep these five essential points in mind to understand and know about ECS/NACH return charges better. The ECS/NACH mandates permit banks and financial institutions to automatically debit funds from your account for regular payments such as EMIs on personal loans, utility bills, mutual fund SIPs along with other similar transactions. Now in cases where such transactions fail, generally due to insufficient funds, technical glitches or incorrect details then a penalty is levied on the account holder. These charges are known as ECS/NACH return charges. The applicable return charges vary widely between different banks and financial institutions. They are also unique to the type of account an individual holds along with the specifics of the financial institution. For example, Axis Bank charges ₹ 500 for first ECS return and ₹ 550 for subsequent ones. Federal Bank on the other hand levies ₹ 250 for the first return and ₹ 500 for subsequent returns in savings accounts. Whereas for overdraft (OD) and cash credit (CC) accounts a fee of ₹ 350 is attracted for the first time and ₹ 750 for subsequent returns. The State Bank of India and Bank of India both charge ₹ 250 per return, with GST added. Now these fees can quickly climb and add up if multiple transactions fail in a single month. That is why as a well aware user of banking services while applying for a personal loan, credit card or any other related services it is your responsibility to be aware of several hidden charges imposed by banks. Do note, charges are imposed on account holders whenever an ECS/NACH transaction fails. Common reasons for these failures include insufficient funds, incorrect mandate details, technical errors. It is also important to acknowledge the fact that these charges are usually non refundable and are directly deducted from the account automatically. On your part as an account holder hence, do take care of your balance and upcoming transactions. So that you never miss out on any payments or none of your pending transactions are withheld or rejected due to insufficient funds, incorrect mandates etc. Given each charge may seem small individually still, multiple failed transactions can result in significant penalties. For example, if four SIPs of ₹ 500 each fail due to insufficient balance, then the total return charges can reach as much as ₹ 2360 after taxes. This figure is far exceeding the original investment amount in some cases. This can easily disrupt financial plans, long term wealth creation strategies and even strain your budget. Maintain sufficient balance in your account at least a day before any scheduled debit to prevent failed transactions. Track your payment schedules regularly so you're aware of upcoming ECS/NACH debits and avoid last-minute surprises. Update mandate details promptly if you change your bank account, contact info, or switch to a new service provider. Set up alerts and reminders through SMS or mobile banking to stay notified about low balances or due payments. Cancel inactive mandates by visiting your bank and submitting a written request, especially for services you no longer use. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Business Wire
4 days ago
- Business
- Business Wire
ECS Named #1 Managed Service Provider
FAIRFAX, Va.--(BUSINESS WIRE)-- ECS, an advanced technology solutions provider focused on data and AI, cybersecurity, and enterprise transformation solutions, and an ASGN (NYSE: ASGN) brand, was recently named the #1 managed service provider (MSP) for the sixth year in a row on Channel E2E's Top 100 Vertical Market MSPs list. The annual list identifies and honors the top 100 vertical market MSPs in healthcare, legal, government, financial services, manufacturing, and more. 'We're committed to delivering scalable, push-button solutions that secure and streamline enterprise operations and make a quick, tangible impact.' Share ECS offers a wide range of managed service solutions for both commercial and federal clients, ranging from cybersecurity, cloud, and IT operations to governance, risk, and compliance (GRC), and more. The company is also a top five provider of data and AI solutions to the federal government and consistently ranks as a top managed security solutions provider (MSSP) on MSSP Alert's Top 250 list. ECS' managed security solutions include managed detection and response (MDR) and security operations center-as-a-service (SOCaaS). 'As organizations seek faster, smarter ways to achieve mission success, we're seeing growing momentum around agile, managed service models,' said John Heneghan, president of ECS. 'Our sixth consecutive recognition as a top MSP by Channel E2E reflects our commitment to delivering scalable, push-button solutions that secure and streamline enterprise operations and make a quick, tangible impact. When we do our job as a mission enabler, we empower our commercial and federal customers to innovate, compete, unlock new efficiencies, and leverage advanced capabilities without increasing costs.' About ECS ECS, a key segment of ASGN Incorporated, provides advanced technology solutions that enable fast and efficient decision making and deliver mission outcomes. ECS' leading-edge AI, cybersecurity, and open data management solutions boost collaboration, innovation, and worker productivity, improve employee and customer experiences, and protect critical agency data and assets. For more information, visit About ASGN Incorporated ASGN Incorporated (NYSE: ASGN) is a leading provider of IT services and solutions across the commercial and government sectors. ASGN helps corporate enterprises and government organizations develop, implement, and operate critical IT and business solutions through its integrated offerings. For more information, please visit Safe Harbor Certain statements made in this news release are 'forward-looking statements' within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding our anticipated financial and operating performance. All statements in this news release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results might differ materially. For a full list of risks and discussion of forward-looking statements, please see our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 24, 2025. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.
Mint
5 days ago
- Business
- Mint
Small-cap stock with just ₹57 crore market cap secures ₹16.3 crore ECS orders. Details here
Small-cap stock in focus: Shares of Rulka Electricals, a small-cap company, hits the 5% upper circuit limit in Monday's intraday session, June 16, to reach the day's high of ₹ 136.50 apiece, after the company announced it had secured multiple new orders for Electrical Contracting Services (ECS). In an exchange filing today, the company informed investors that it received fresh orders worth ₹ 16.34 crore from various clients. It secured two warehouse-related contracts from a prominent real estate company in Bengaluru, Karnataka, which is valued at ₹ 5.50 crore, involves the procurement and setup of transformers, DG sets, and internal and external electrical fittings for a warehouse. The second order, worth ₹ 7.9 crore, includes procurement and installation of LV FAPA firefighting systems for another warehouse project. Additionally, the company bagged an order in the industrial segment in Thoothukudi, Tamil Nadu, from a private real estate consulting firm. The 12-month contract, worth ₹ 2.93 crore, covers procurement, installation, testing, and commissioning of LT panels, LT cables, cable trays, and fixtures, as per the company's exchange filing. The combined order value of ₹ 16.34 crore is equivalent to 29% of the company's market capitalization of ₹ 57 crore as of June 16. In its recent investors' presentations filing, the company said it had expanded client base and secured orders across key Indian states during FY2024-25, including Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Haryana, Gujarat, Andhra Pradesh, and Telangana, particularly in the warehousing and retail segments, ending the fiscal year with an order book of ₹ 163.28 crore. On the financial front, Rulka Electricals reported a revenue of ₹ 79.47 crore in FY25, up from ₹ 70.98 crore in the same period last year. However, net profit declined to ₹ 2.26 crore from ₹ 4.37 crore due to margin pressures. Despite maintaining growth momentum in FY25, the company faced significant margin pressure from rising input costs, higher labor expenses, increased compliance costs, and non-scalable overheads during the execution of large-scale projects. Looking ahead to FY26, Rulka said its strategic priorities include cost optimization through streamlined procurement and automation, expansion into renewable energy and smart infrastructure, financial restructuring, and a focus on broadening its geographic and client footprint to capture high-value projects across new states.
Time Business News
11-06-2025
- Business
- Time Business News
Section 3C Leave: Ensure UK Visa Compliance
A legal dilemma faces employers when a valued staff member's visa is due to expire but their extension application has not yet been decided. Section 3C 'bridging leave' automatically bridges that gap when an employee submits a valid, in-time application before their current leave expires. This leave extension still qualifies the employee to work legally while the decision from the Home Office is pending. To verify Section 3C for e-visa holders, request a share code, enter it online alongside their date of birth, and save a dated screenshot. For paper visa holders, get their stamped application or 12-digit UAN and send an ECS request referencing that UAN alongside proof of an in-time application. The Home Office tends to respond to ECS requests within five working days when your statutory excuse still applies. Record all checks in a central record—note method, date, result, and any reference numbers—and keep such records for up to five years for potential audits. Automate reminders: set calendar reminders three and one month before expiry and send email or Slack reminders using templated messages. Remind employees to submit share codes or ECS receipts in time. Store all confirmations in your HR portal or secure shared folder to prevent lost documents. One retail client avoided a £15,000 unfair dismissal award after adopting this process, and a fast-growth tech company completed 25 verifications last year with no delays or fines. Employers must review their right-to-work policies today, implement the above measures, and train HR staff on Section 3C verification to maintain ongoing workstreams. Having Section 3C checks down pat safeguards your employees and guarantees compliance with UK immigration rules, saves costly mistakes on bridging leave. Practical templates and automation tools make it easy to incorporate these checks into existing systems without inordinate IT spend. By collecting evidence of in-time applications, checking through share code or ECS, automating reminders, and centralising records, employers keep teams working and risks at bay. For additional guidance and sample templates, download the official Employer's Guide to Section 3C Leave from Free Movement's website. Begin implementing these steps today to keep your team working and compliant. For more information contact Leena Chouhan at Taylor Hampton Solicitors 02024275970. TIME BUSINESS NEWS
Calgary Herald
10-06-2025
- Politics
- Calgary Herald
Saskatchewan wildfire evacuees facing delays in aid, forced to sleep in cars: ombudsman
Saskatchewan ombudsman Sharon Pratchler says the province's attempts to help those fleeing the devastating wildfires in the north are falling short. Article content Her office is hearing from people who are waiting days to hear back about getting food and shelter and some are being forced to sleep in their cars, Pratchler told media Tuesday morning. Article content She also said aid money being given to evacuees isn't retroactive to the day they were forced out of their homes. Article content Article content 'These are basic human needs and the province is responsible for providing for them without any further delay,' said Pratchler. Article content Article content She joins others who have voiced concerns this week, including evacuees and firefighters' loved ones who spoke Monday on the conditions people are experiencing and called on the province to do better with its emergency response. Article content At a news conference in Saskatoon, NDP northern affairs critic Jordan McPhail said evacuees have had issues getting aid through the Saskatchewan Public Safety Agency's (SPSA) Emergency and Community Support (ECS) program. Article content The NDP and several evacuees said the program is confusing and restrictive. Some have gone days without financial aid, while others were deemed ineligible despite being in hotels because they've been displaced. Article content Article content Opposition critics also questioned once again why the province had not yet called for military support to bolster its response. Article content Article content Minister of Corrections, Policing and Public Safety Tim McLeod said Monday the province is offering all that is available to help residents. Article content 'We're doing everything possible to provide the resources and the supports that those communities need. Our federal counterparts are offering what they have to give, where that aligns with our needs,' said McLeod, who is also the SPSA's chair.
