Electronic Clearing Service (ECS) and Soft Loan

What is Electronic Clearing Service (ECS) ?
ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. ECS is used by institutions for making bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for bulk collection of amounts
towards telephone / electricity / water dues, cess / tax collections, loan instalment repayments, periodic investments in mutual funds, insurance premium etc. Essentially, ECS facilitates bulk transfer of money from one bank account to many bank accounts or vice versa. ECS includes transactions processed under National Automated Clearing House (NACH) operated by National Payments Corporation of India (NPCI).


What is a soft Loan ?
A soft loan is a loan with no interest or a below-market rate of interest. Also known as "soft financing" or "concessional funding," soft loans have lenient terms, such as extended grace periods in which only interest or service charges are due. They typically offer longer maturity period (in some cases up to 50 years) than conventional bank loans.
Soft loans are often made by multinational development banks (such as the Asian Development Bank), affiliates of the World Bank, or governments (or government agencies) to developing countries that would be unable to borrow at the market rate.

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