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Pre-Launch Review of RTGS in India

The Real Time Gross Settlement (RTGS) system is being implemented in two phases in India. Under the first phase, the RTGS system with the functionalities for inter-bank fund transfer and customer based inter-bank fund transfer has reached an advanced stage of implementation. The RTGS system has been tested and is currently undergoing trial run with the participation of four banks. It is a complex and critical system.

As a measure of abundant caution and also to provide additional comfort that all the necessary steps have been taken to facilitate real time on-line settlement of inter-bank transactions, the Reserve Bank of India has constituted an external group of experts to carry out pre-launch review of the RTGS system including the policies, procedures and technical aspects. The review is currently in progress.

Alpana Killawala
Chief General Manager

Press Release: 2003-2004/1003

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