Payment Systems in India – Vision 2005-08 - Annex II
Annex-II
Glossary of terms / abbreviation
used in the Document
The terms used which are specific
to Indian Payment Systems scenario and which do not figure in the Glossary of
Bank for International Settlements (BIS) been briefly explained below:
INFINET
INdian FInancial NETwork
– The Closed User Group network for the Financial Sector
CIBIL
Credit Information Bureau
of India Ltd.
PDO
Public Debt Office
NDS
Negotiated Dealing System
SSS
Securities Settlement System
SFMS
Structured Financial Messaging
Solution – This is akin to SWIFT. SFMS allows intra / inter bank message
transfer. This also provided for transfer of file attached in a secured
mode.
CFMS
Centralised Funds Management
System – gives a global view of the balances to the entities maintaining
account with the RBI to query / transfer funds in its account at the various
DADs, RBI
ECS
Electronic Clearing Services
ECS (Credit)
Credit Clearing ensures multiple
repetitive credits to the accounts of constituents of banks situated at
various branches of banks on the basis of a single debit to the account
of a corporate customer called the "user"
ECS (Debit)
Debit Clearing ensures multiple
repetitive debits to the accounts of constituents of banks situated at
various branches of banks and a corresponding single debit to the account
of a corporate customer called the "user"
SEFT
Special EFT – is a variant
of EFT. The membership is open to the bank / branches which are networked
and capable of processing the transactions and return if any to be submitted
with next settlement
CCIL
Credit Clearing Corporation
of India Ltd. – The CCIL is the CCP for the securities and Forex settlement
NSS
National Settlement System
- where all clearings conducted in all clearing houses in all parts of
the country will be settled in a single centralised location in central
bank money
National CTS
National Cheque Truncation
System
NEFT
National EFT - The NEFT envisages
the use of SFMS for EFT message creation and transmission from a branch
to the bank’s Gateway to the NEFT Centre using the tools available under
SFMS.
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Page Last Updated on:
September 12, 2023
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