Bank Mandate

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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 ?
The decision to cease dealing with bank mandates aims to enforce tighter security at customs ports and aid in the determination of those legally responsible in the case that smuggling does occur.
Global Banking News-June 6, 2012--Islamic Development Bank mandates banks for sukuk issuance(C)2012 ENPublishing - http://www.
BANKING AND CREDIT NEWS-October 19, 2010--Indian Axis Bank mandates five banks for USD500m bond offer(C)2010 M2 COMMUNICATIONS http://www.
M2 EQUITYBITES-October 19, 2010--Indian Axis Bank mandates five banks for USD500m bond offer(C)2010 M2 COMMUNICATIONS http://www.
The capital will be used to boost the bank's Tier 1 capital ratio, which the Central Bank mandates to be a minimum of 11 per cent.
Also, whilst bank mandates often include joint signatories, only one person may be required for online banking log on, possibly raising certain legal issues when the company becomes exposed.