RBI/2007-2008/261 DPSS No. 1407 / 02.10.02 / 2007-2008 March 10, 2008 The Chairman & Managing Director / Chief Executive Officers of all commercial and co-operataive banks Dear Sir / Madam Use of electronic mode of payment for large value transactions Recognising the importance of ensuring the safety and security of the payment systems, Reserve Bank of India (RBI) has put in place three modes of electronic payments i.e. Real time Gross Settlement (RTGS) System, Na

DPSS CO No.704/03.01.14/2007-08 November 15, 2007 The Chairman & Managing Director of banks managing clearing houses Dear Sir, Access Criteria for Clearing Houses at MICR Centres – Procedural Guidelines A Working Group on Access to Payment Systems was constituted by the Reserve Bank and based on its recommendations and the feedback received, criteria for participation as a member in the Clearing Houses at MICR Centres has since been finalized.@@NBSP@@ The procedur

DPSS.CO.No.644/ 03.01.02/2007-08 October 31, 2007 The Chairman & Managing Director of All commercial banks   Dear Sir, Delay in collection of outstation cheques – Need for issuance of Payable at par / Multi-city cheques As you are aware, there have been a number of complaints in the recent past  from customers and the members of public alike on deficiency in service relating to collection of outstation cheques. Complainants have been indicating that the

RBI/2005-06/239 Ref. DPSS (CO) No.950/04.01.01/2005-2006 December 23, 2005 To the Chairmen / Chief Executive Officers of all the Scheduled Commercial Banks ECS (Debit Clearing) – Revocation of mandate by the customers The volume of ECS transactions – both in Debit Clearing and Credit Clearing – has been growing rapidly. The growth rate of Debit Clearing transactions is much larger than the Credit Clearing and many utility companies have evinced a lot of interest in ut

RBI/2005-06/218 Ref. DPSS (CO) No.796/01.01.59/2005-2006@@NBSP@@ @@NBSP@@ November 23, 2005 To Chairman / Chief Executive Officers of all the Scheduled Commercial Banks (Other than Regional Rural Banks)Electronic Payment Products - Service Charges An extract of the Mid-term Review of Annual Policy for the year 2005-06 reads as under- "Para 103: One of the constraints in the growth of electronic payment systems has been the high rate of service charges being levied by

RBI/2005/207 Ref. DPSS (CO) No.771/01.01.17/2005-2006@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@ November 16, 2005 The Chairman and Managing Directors of all Scheduled Commercial Banks Dear Sir, NEFT Live Run Starting from November 21, 2005 As you are aware the National Electronic Funds Transfer (NEFT) system is an electronic clearing system in test mode since September 2005. The testing process is now over as the NEFT application has sinc

RBI/2005-06/181 Ref. DPSS (CO) No.590/01.01.15/2005@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@@@NBSP@@ October 17, 2005To Chairmen / CEOs of all the banks participating in Electronic Clearing ServicesDear Sir Electronic Clearing Service (ECS) As you may be aware, Electronic Clearing service (ECS) is increasingly being used by various users like Govt. Departments, corporate bodies, etc. for repetitive payments like s

RBI/2005-2006/152 Ref DPSS.CO.No. 298 /01.01.18/2005-2006 September 1, 2005 CMDs/CEOs of all scheduled banks Madam/ Sir, Pilot Project for Implementation of Cheque Truncation System (CTS)- in the National Capital Region As you are aware, the Pilot Project for Cheque Truncation in the National Capital Region will go live during the first quarter of 2006. Member banks are advised to get prepared to be in line with the progress of the Project. 2. Banks participating in t

RBI/2005-06/53 DPSS(CO)Cir.No.04/10.01.01 /2005-2006 July 13, 2005 ToThe Chairman/Chairman & Managing Director/CEO all RTGS member banks Dear Sir / Madam,RTGS and other payment systems service charges As you are aware, over a period of time RBI has introduced a host of electronic payment products like ECS (Credit), ECS (Debit), EFT, SEFT and the Real Time Gross Settlement (RTGS) System. All these systems have since stabilized. We are also happy to observe that mem

RBI/2004-05/493 Ref. DPSS (CO) No. 01/01.01.33/2005 June 14, 2005 To Chairmen/CEOs of all Scheduled Commercial banks Dear Sir Electronic Funds Transfer (EFT) Scheme, Special Electronic Funds Transfer (SEFT) Scheme and Electronic Clearing Service (ECS) – Processing Charges Please refer to our circular DIT (CO). Cir No. 11/09.63.99/2004 dated May 20, 2004 and No. 3/09.63.99/2004 dated October 19, 2004 whereby processing charges for ECS and EFT modes of funds transfer fo