The expected value for a binomial probability distribution is

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Electronic Clearing Service-(ECS)-FAQsQ.1.What is Electronic Clearing Service(ECS)?AnsIt is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing House. This is normally for bulk transfers from one account to many accounts or vice-versa. This can be used both for making payments like distribution of dividend, interest, salary, pension, etc. by institutions or for collection of amounts for purposessuch as payments toutility companies liketelephone, electricity, or charges such as house tax, water tax, etc or for loan installments of financial institutions/banks or regular investments of persons.Q.2.What are the types of ECS? In what way they are different from each other?AnsThere are two types of ECS called ECS (Credit)and ECS (Debit).ECS (Credit)is used for affording credit to a large number of beneficiaries by raising a single debit to an account, such as dividend, interest or salary payment. ECS (Debit)is used for raisingdebits toa number of accounts of consumers/ account holders for crediting a particular institution. Working of ECS Credit SystemQ.3. Who can initiate an ECS (Credit) transaction?AnsECS payments can be initiated by any institution (called ECS user) who have to make bulk or repetitive payments to a number of beneficiaries. They can initiate the transactions after registering themselves with an approved clearing house. ECS users have also to obtain the consent as also the account particulars of the beneficiary for participating the ECS clearings.
The ECS user's bank is called as the sponsor bank under the scheme and the ECS beneficiary account holder is called the destination account holder. The destination account holder's bank or the beneficiary's bank is called the destination bank.The beneficiaries of the regular or repetitive payments can also request the paying institution to make use of the ECS(Credit) mechanism for effecting payment.Q.4.How does the ECS Credit system work?AnsThe ECS users intending to effect paymentshave to submit the data in a specified format to one of the approved clearing houses. The list of the approved clearing houses or the list of centres where the ECS facility has been provided is available at www.rbi.org.in.The clearing house would debit the account of the ECS user through the account of the sponsor bank on the appointed day and credit the accounts of the recipient banks, for affording onward credit to the accounts of the ultimate beneficiaries. Q.5. At which of the centres ECS facility is available?AnsAt present ECS facility is available at more than 68centres and the full list is available at the web-site of RBI. The beneficiaries need to maintain an account with one of the banks at these centres in order to avail of the benefit of ECS.Q.6. How does a beneficiary participate in ECS(Credit ) scheme?AnsThe beneficiary has to furnish a mandate giving his consent to avail of the ECS facility. He should also communicate to the ECS user the details of his bank branch and account particulars. Such authorisation form is called a mandate.