Bank Mandate

Bank Mandate

1. A document issued by a bank to another bank requesting that the second bank allow a customer to open an account, conduct transactions and generally receive privileges as if he/she were an existing account holder.

2. A standardized, contractual agreement outlining the rights and responsibilities a bank and a customer have toward each other. The bank prepares the bank mandate and periodically updates it.
References in periodicals archive ?
In its accounts for 2018, the Oil and Gas Authority (OGA) said it was the victim of "bank mandate fraud".
BANKING AND CREDIT NEWS-June 5, 2019--South African Communist Party recommends change in central bank mandate
M2 EQUITYBITES-June 5, 2019--South African Communist Party recommends change in central bank mandate
Global Banking News-June 5, 2019--South African Communist Party recommends change in central bank mandate
Emirates NBD, said the bank has been proactively encouraging customers to update their ID documentation in advance of the recent UAE Central Bank mandate. - Supplied photo
"Following the rapid and seamless transition from NBFC to banking operations, we have now established the operating base that we believe is poised to deliver sustainable growth over several years by bringing the benefits of a full-service bank to a large number of Indians, including in unbanked areas given our experience of 20 years in serving such markets and basis our small finance bank mandate," said MD and CEO AU Small Finance Bank, Sanjay Agarwal.
At the British Polio Fellowship he persuaded an elderly trustee to sign a bank mandate in his favour.
APARTNER in The Journal's Pay Fair campaign is to host an event to help companies tackle the threat of bank mandate fraud.
The standing order bank mandate is for a NatWest branch in nearby Brighton, from where many of the frauds of this type emanate.
In December 1991 she signed a bank mandate giving Angela Entwistle, Mr Ashcroft's personal assistant, the authority to sign cheques on her four accounts held with the Bank of Scotland.
BANKING AND CREDIT NEWS-April 12, 2019--UK opposition considering new central bank mandate if it comes to power
M2 EQUITYBITES-April 12, 2019--UK opposition considering new central bank mandate if it comes to power